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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, 18 March 14
SECOND QUARTER SUB-BIT FOB INDONESIA COAL SWAP LOST 3.27% IN A MONTH
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 gained this pa ...
Tuesday, 18 March 14
NEWCASTLE COAL EXPORT VOLUME FALLS 26.23% WEEK ON WEEK
COALspot.com: In the week ended 17 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2 ...
Monday, 17 March 14
API 8 CFR SOUTH CHINA COAL SWAPS FOR AVERAGE Q2 14 DELIVERIES LOST 2.59% M-O-M
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 2.59 percent month on month and closed at US$ 74.15 per mt as o ...
Sunday, 16 March 14
BDI DOWN ON LOW CAPESIZE ACTIVITY
COALspot.com: The freight market was slightly soft this week with BDI down by 4.28 pct week on week. The BDI closed at 1,477 points and the cape ...
Friday, 14 March 14
DRY BULK MARKET ENTERS RECOVERY MODE, ON INCREASED CAPESIZE DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has entered and sustained higher ground as of this week, on the back on increased Capesize demand. Although the situation in ...
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- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
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