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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, 12 March 14
DRY BULK VESSELS STILL THE CREAM OF THE CROP FOR SHIP OWNERS
Dry bulk carriers have remained the most popular vessel type among ship owners as proven by the sheer number of second hand vessel sales and new ...
Tuesday, 11 March 14
HOLD HARMLESS CLAUSES ARE NOT ALWAYS MUTUAL! - ITIC
KNOWLEDGE TO ELEVATE
ITIC provides an insurance related contract review service to all of its members. As the leading professional indemnity i ...
Tuesday, 11 March 14
NEWCASTLE SHIPPED 6.98% LESS COAL WEEK ON WEEK
COALspot.com: In the week ended 10 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2 ...
Tuesday, 11 March 14
INDONESIAN SUB-BITUMINOUS COAL SWAPS CONTINUES TO FALL
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 slip again thi ...
Monday, 10 March 14
API 8 CFR SOUTH CHINA COAL SWAPS LOST 4.28 PERCENT MONTH ON MONTH FOR Q2 DELIVERY
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 4.28 percent month on month and closed at US$ 73.97 per mt as on Fr ...
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- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- MS Steel International - UAE
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
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