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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, 04 March 14
AUSTRALIA'S NPC TO SHIP 11.85 MMT OF COAL IN MARCH
COALspot.com: In the week ended 3 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 3.15 m ...
Tuesday, 04 March 14
HIGHER PRICES AND STEADY FREIGHT RATES LEAD SHIP OWNERS TO TEMPORARILY HALT SECOND HAND VESSEL PURCHASES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the dry bulk market has kept on improving, but at a very slow rate, ship owners have elected to take a step back from the flurry of the S&P m ...
Monday, 03 March 14
SUB-BIT INDONESIA COAL SWAP (FOB) FOR AVERAGE Q115 CLOSED AT $60.28, $ 1.70 HIGHER THAN 2Q14
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 slightly corrected do ...
Monday, 03 March 14
API 8 CFR SOUTH CHINA SWAPS: Q4' 2014 DELIVERY CLOSED US$ 1.40 HIGHER COMPARED TO Q2' 2014 DELIVERY
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 1.90 percent month on month and closed at US$ 76.27 per mt as on Fr ...
Monday, 03 March 14
COSTS LIABILITY PASSING DOWN A CHARTERPARTY CHAIN - SKULD
KNOWLEDGE TO ELEVATE
Provided that charterparties are on back to back terms, and the claim is successful, liability for costs incurred shoul ...
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- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- The University of Queensland
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Planning Commission, India
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
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