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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, 03 December 13
PORT OF NEWCASTLE IN QUEENSLAND SHIPPED 1.22 MMT MORE COAL W-W
COALspot.com: In the week ended December 2, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 3.49 ...
Tuesday, 03 December 13
U.S PRODUCED 900.80 MMST YEAR-TO-DATE
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.7 million short tons (mmst) of coal in ...
Monday, 02 December 13
SUB-BIT INDONESIA COAL SWAP DIFFERENCE BETWEEN Q1 AND Q3 DELIVERIES ARE VERY MARGINAL
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q1’ 14 delivery gained $ 1.67 pmt month on month on Friday 29 Novemb ...
Sunday, 01 December 13
API 8 CFR SOUTH CHINA COAL SWAP FOR Q2 AND Q3 DELIVERY SHOWS A DECLINE
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery gained 0.63 percept d-d on Friday 29 November 2013. The CFR South ...
Sunday, 01 December 13
PANAMAX RATES HAVE REBOUNDED - CAPT. REDDY
COALspot.com: The freight market was quite firm last week with all the indices increased. Cape Index was gained highest this week which supports inc ...
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- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
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