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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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Monday, 10 March 14
THE FREIGHT MARKET WAS QUITE FIRM THIS PAST WEEK
COALspot.com: The freight market was quite firm this past week with BDI sharply increased by 22.65 pct week on week and closed at 1543 points, while ...
Saturday, 08 March 14
LETTERS OF INDEMNITY - SKULD
KNOWLEDGE TO ELEVATE
In today's trading market, owners are frequently requested to accept a letter of indemnity (LOI) in exchange for complying ...
Friday, 07 March 14
DRY BULK MARKET TO BENEFIT FROM CHINA'S GDP GROWTH TARGET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
With the dry bulk market freight rates finally making waves, China's aim of 7.5% GDP growth for 2014 mean once again positive news for the shipping ...
Friday, 07 March 14
RBCT, WORLD'S LARGEST COAL EXPORTING TERMINAL SHIPPED 1.78% LESS COAL MONTH ON MONTH
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the single largest export coal terminal in the world, shipped 4.487 million tons of ...
Friday, 07 March 14
INDONESIA SHIPPED 7% LESS COAL IN JANUARY 2014 COMPARED TO ITS DECEMBER EXPORTS
COALspot.com: Indonesia, the world 4th largest coal producer and the Global largest multi grade coal exporter shipped around $1.8* billion ...
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Showing 3811 to 3815 news of total 6871 |
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- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Parliament of New Zealand
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Planning Commission, India
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Australian Commodity Traders Exchange
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