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Thursday, 06 February 14
INDONESIA'S BAN ON THE EXPORT OF RAW MINERAL ORES COMES INTO FORCE - INCE & CO
 COALspot.com: On 12 January 2014, the ban on the export of unprocessed mineral ores came into effect in Indonesia. This ban enforces the Mining Law passed five years ago in 2009, which mandates that mineral ores for export must be processed in-country from 12 January 2014.
It appears, however, that not all minerals are treated equally: it is reported that the law allows for different minimum processing requirements for different minerals before they can be exported.
Bauxite, nickel, tin, chromium, gold and silver are required to be fully processed or refined before export. Mineral ores that can be exported semi-processed or with only purification include copper, iron, lead and zinc.
The new law also seeks to regulate the export of minerals through a progressive tax. Higher export taxes will be imposed on minerals having lower levels of purification or processing, in order to encourage processing to be carried out in Indonesia rather than overseas.
It has also been reported that some 60-odd companies in Indonesia will still be allowed to continue to export unprocessed mineral ores.
However, until more details emerge or the regulation implementing the ban is publicly available, the exact parameters (for instance, the minimum level of purity required of each mineral before it can be exported) and impact of the ban, is uncertain.
Enforcement of the ban is another issue, considering the fact that it has been reported that Indonesia does not currently have the ability to process the mineral ores to the requisite purity levels for export. In context with the impact of the ban on Indonesia’s economy, this may mean that the ban is not ultimately as widely enforced as currently anticipated.
What this means for traders
This ban is likely to have an impact on trade contracts. In particular, traders will have to consider whether the Indonesian government’s new export restrictions fall within the provisions of their contracts dealing with force majeure situations. The extent to which traders will decide to utilise force majeure or other similar provisions like material adverse change clauses in their contracts would also depend on the prevailing market level: if traders are making a loss, they might be more likely to invoke such provisions to cancel their contracts or to excuse or suspend performance of their obligations under the contract.
Traders could also face shipment delays on liftings in Indonesia due to uncertainty in the level of processing required for mineral exports.
On the same note, traders (and charterers) may also face more claims from shipowners for demurrage and other costs as a result of vessels being delayed in departing from Indonesian ports. The potential of this increased risk was starkly illustrated by recent reports that a number of Chinese bulkers which had completed loading were detained at Indonesian ports in the lead up to the ban. We understand that these ships have since been allowed to depart. (Originally published on 22 January 2014)
By: John Simpson (Mr) & Maureen Poh (Ms)
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About Mr John Simpson:
John specialises in the handling of litigation, arbitration and alternative dispute resolution for his clients. John has experience of English litigation and of arbitration in London and Singapore, almost always relating to cross border disputes.
John is experienced in litigation in London and in arbitration under the rules of various arbitration bodies, including the SIAC, the ICC and the LCIA. John joined Ince & Co London in 1999, moving to Ince & Co Singapore in 2007. John has been a partner of Ince & Co since 2010.
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About Ms Maureen Poh
Maureen joined Ince & Co Singapore in 2013, having previously worked in Ince & Co's Shanghai office since 2011 . Her main areas of practice are dry shipping, and international trade and commodities.
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About Ince & Co
Ince & Co an international commercial law firm with offices in Beijing, Dubai, Hamburg, Hong Kong, Le Havre, London, Monaco, Paris, Piraeus, Shanghai and Singapore.
Ince & Co clients are range from major international corporations to smaller companies, sole traders and private individuals. Ince & Co practises English, French, German, Greek, Hong Kong and PRC law. http://www.incelaw.com
Views and opinions / conclusion expressed herein are personal views of the authors and not that of COALspot.com.
If you believe an article violates your rights or the rights of others, please contact us.
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Sunday, 12 January 14
THE FREIGHT MARKET CONTINUE TO REMAIN WEAK NEXT WEEK - SOLYM CARRIERS
Wish You A very Happy New Year
COALspot.com: The market has dropped quite a lot as expected due to holidays and probably also the effect of ban o ...
Friday, 10 January 14
DECISION ON ORE EXPORT BAN WILL BE MADE TOMORROW: INDUSTRY MINISTER, JG SAYS
Industry Minister M.S. Hidayat dismissed reports on Thursday that the government had made a decision on the matter. “We will only make a decis ...
Friday, 10 January 14
US COAL PRODUCTION UP 5.8% ON WEEK IN WEEK ENDED SATURDAY 4 JANUARY
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.8 million short tons (mmst) of coal in ...
Thursday, 09 January 14
THE INDONESIAN GOVERNMENT EASES ORE EXPORT BAN
COALspot.com: The Indonesian government has finally agreed to ease the ore-export ban just a few days before the Sunday deadline amid protests from ...
Thursday, 09 January 14
CAPESIZE: WEST AUSTRALIA FREIGHT IS NOW DOWN IN THE $8S AND STILL DROPPING - FEARNLEYS
Handy
In the Atlantic we see rates sliding slowly for the start of 2014. Several players cvrd over the holidays and the rate decline was som ...
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- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Posco Energy - South Korea
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
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