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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, 13 December 13
DRY BULK SHIPPING TO WITNESS HEALTHY DEMAND MOVING FORWARD - ICS
The Institute of Chartered Shipbrokers Greek Branch organised its 9th Annual Forum at Eugenides Foundation, on Wednesday, 11th of December, with a r ...
Friday, 13 December 13
US PRODUCED APPROXIMATELY 18.4 MILLION SHORT TONS OF COAL W/E 7 DECEMBER 2013
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.4 million short tons (mmst) of coal in ...
Thursday, 12 December 13
GREAT EXPECTATIONS SANCTIONED - EVA TZIMA
News that sanctions on Iranian oil exports could be lifted sometime in the following months have shaken the markets recently. One of the world&rsquo ...
Thursday, 12 December 13
DRY BULK MARKET RATES FOR CAPESIZES TO REMAIN VOLATILE SAYS BIMCO
The dry bulk market has reached multi year highs this week, as the BDI is standing at the 2,300-point mark. In its analysis of the market, BIMCO pre ...
Wednesday, 11 December 13
THE INDONESIAN GOVERNMENT IS CONSIDERING SETTING A REGULATION ON THE MINIMUM PURITY TO REGULATE UNPROCESSED ORE BAN
COALspot.com: Energy and Mineral Resources Minister Jero Wacik recently proposed to house those mining (mineral) companies that had shown a commitme ...
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- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Tamil Nadu electricity Board
- Australian Coal Association
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- The University of Queensland
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
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