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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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Tuesday, 07 January 14
INDONESIA RAISES COAL PRICE THIS MONTH
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has increased government declared coal bench mark price by US$ 1.59 / MT ...
Tuesday, 07 January 14
NEWCASTLE COAL TERMINAL'S COAL EXPORTS SLIDE TO 3.54 MMT W/E 30 DECEMBER 13
COALspot.com: In the week ended December 30, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 3.54 ...
Tuesday, 07 January 14
US COAL OUTPUT SLIDES 9 PCT WEEK ON WEEK, EIA SAYS
COALspot.com – United States the world’s second largest coal producer, produced approximately 17.8 million short tons (mmst) of coal in ...
Monday, 06 January 14
ARGUS LAUNCHES SPOT CFR EAST COAST INDIA COAL ASSESSMENTS
COALspot.com: Global energy and commodity news and price reporting agency Argus has announced today that, the company has launched CFR coal assessme ...
Monday, 06 January 14
INDONESIAN COAL SWAPS SLIDE TO $ 61.25 FOR Q4' 14 DELIVERY
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery lost $ 0.32 pmt month on month on Friday 3 January 2014. Th ...
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- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
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