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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, 17 December 13
NEWCASTLE COAL EXPORTS UP 37.83% WEEK ON WEEK
COALspot.com: In the week ended December 16, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 3.45 ...
Monday, 16 December 13
SUB-BIT FOB INDONESIA COAL SWAP LOST $ 0.53 IN A WEEK
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery gained $ 0.91 pmt month on month on Friday 13 December 2013 ...
Monday, 16 December 13
API 8 CFR SOUTH CHINA COAL Q3' 14 DELIVERY PRICE CLOSED $1.63 LESSER THAN Q1' 14 PRICE
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery gained 5.34 percept month on month as on Friday 13 December 2013. ...
Sunday, 15 December 13
SUPRAMAX'S FREIGHT RALLY COMES TO AN END THIS WEEK
COALspot.com: The BDI was up by 7 pct closing at 2,330 points week on week and the cape index was also up by 10.51 points and closed at 4,246 points ...
Friday, 13 December 13
HARD COAL : VOLUMES POSSIBLY AT RECORD-BREAKING HIGH; PRICES POSSIBLY AT A RECORD-BREAKING LOW - VDKI
Press Release : World Hard Coal Market 2013: volumes possibly at record-breaking high, prices possibly at a record-breaking low. German and UK impor ...
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- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Planning Commission, India
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
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