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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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Sunday, 02 March 14
THE FREIGHT MARKET WAS STEADY TO FIRM THIS PAST WEEK - CAPT. REDDY
COALspot.com: The freight market was steady to firm this past week. The BDI was up 7.06 pct and closed at 1258 points and the cape index was also fi ...
Friday, 28 February 14
PTBA TO INCREASE ITS COAL TERMINAL'S LOADING CAPACITY TO 25 MILLION TONS PER ANNUM BY JULY 2014
COALspot.com: PT. Bukit Asam (PTBA), the Indonesian government owned coal miner operates several coal mining units in Sumatera as well as in Kaliman ...
Friday, 28 February 14
U.S PRODUCED 1.9% LESS COAL WEEK ON WEEK
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.8 million short tons (mmst) of coal in ...
Friday, 28 February 14
DRY BULK MARKET SLOWLY BUT STEADILY FINDS ITS FOOTING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market, hit by the low seasonal demand which is a typical characteristic of the first quarter of each year, is beginning to emerge from ...
Thursday, 27 February 14
PANAMAX : MARKET CONTINUED TO DECLINE IN THE ATLANTIC
Handy
The Atlantic handy/supra market experienced a downward trend this week but not a dramatic one. TA rates are down around USD 800 w-o-w lead b ...
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Showing 3826 to 3830 news of total 6871 |
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- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
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