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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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Wednesday, 04 December 13
INDONESIAN COAL EXPORTS VOLUME AND REVENUE IN OCTOBER MARCHED TOWARDS NORTH
COALspot.com: Indonesia, the world's 4th largest coal producer and the largest multi grade coal exporter shipped over $1.76* billion worth of ...
Wednesday, 04 December 13
WEST AUSTRALIA IRON ORE FIXTURES ALSO CONTINUING TO PROVIDE A STEADY FLOW OF BUSINESS FOR CAPES - INTERMODAL
The Dry Bulk market has reversed course this past week, bringing back some of the lost excitement of the past month, as all size segments climbed hi ...
Wednesday, 04 December 13
THE BUYERS' DEMAND IS CONTINUOUSLY BULLISH - KONSTANTINOS KONTOMICHIS
The very low rates that prevailed for the bigger part of 2013 seem to have prepared the ground for buying opportunities for shipping investors. The ...
Wednesday, 04 December 13
SGX AND CFA TO COLLABORATE TO DEVELOP DERIVATIVES MARKETS IN CHINA AND SINGAPORE
Singapore Exchange (SGX) and the China Futures Association (CFA) are cooperating in the development of derivatives markets in China and Singapore.
...
Wednesday, 04 December 13
SGX'S MONTHLY VOLUMES REACHED A RECORD HIGH OF 705,000 MT IN NOVEMBER 2013
COALspot.com: SGX has announced that, it monthly volumes have reached a record high of 705 lots (705,000 mt) in November 2013 with month-end open in ...
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- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Australian Coal Association
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- The University of Queensland
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
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