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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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Friday, 20 December 13
US PRODUCED 2.71% MORE COAL WEEK ON WEEK
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.9 million short tons (mmst) of coal in ...
Friday, 20 December 13
DRY BULK MARKET SLUMPS AHEAD OF HOLIDAY SEASON - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As has been the case in recent years, the dry bulk market has been on a downward trend ahead of the Holiday Season for a large part of the world. Th ...
Thursday, 19 December 13
SHIPPING CONFIDENCE HITS THREE-YEAR HIGH - MOORE STEPHENS
Overall confidence levels in the shipping industry rose to their highest level for more than three years over the three-month period to November 201 ...
Wednesday, 18 December 13
SNP ACTIVITY IN CHINA SEEMS TO BE SLOWING DOWN - CHRISTOS TRAGEAS
Approaching the end of the year, SnP activity in China seems to be slowing down in comparison to the first half of this quarter, as most Chinese Shi ...
Wednesday, 18 December 13
DEMOLITION ACTIVITY SCALED BACK AS FREIGHT RATES RISE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It's always been the case that each time we witness a spike in freight rates, demolition activity is decreasing, as owners are looking for more car ...
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- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Planning Commission, India
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- The University of Queensland
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
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