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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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Friday, 07 March 14
INDONESIA TO PRODUCE 421 MMT OF COAL IN 2014
Coalspot.com: Indonesia finally agreed to increased 2014 coal output by as much as 6 percent to 421 million metric tons from its previous plan, a se ...
Friday, 07 March 14
US PRODUCED 19.4 MMST OF COAL IN PAST 7 DAYS, SAYS EIA
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.4 million short tons (mmst) of coal in ...
Thursday, 06 March 14
PANAMAX MARKET IS STRUGGLING IN BOTH HEMISPHERES - FEARNRESEARCH
Handy
The Handy/Supra market experienced a rate increase in the Pacific. The activity itself is not too big, but spot tonnage is clearing up and ow ...
Wednesday, 05 March 14
THE BIG BULKERS HAVE IN FACT WITNESSED SIGNIFICANT IMPROVEMENTS IN BOTH BASINS
The BDI continues to gain back some of the lost ground, although in reality there isn't a lot to celebrate abou ...
Wednesday, 05 March 14
LEAVE IT TO CAPES TO CHANGE THE DIRECTION OF THE DRY BULK MARKET - INTERMODAL
Chartering (Wet: Stable- / Dry: Stable+)
Leave it to Capes to change the direction of the Dry Bulk market. The big bulkers managed to drag the BDI ...
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- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- MS Steel International - UAE
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
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