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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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Thursday, 27 February 14
SHIPPING LOANS WORTH $5 BILLION HAVE CHANGED HANDS OVER THE PAST YEAR, AS FUNDS INVEST IN SHIPPING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Funds investing in shipping has been the "talk of the town" over the past couple of years, as institutional investors, private equity and ...
Thursday, 27 February 14
NEWCASTLE COAL EXPORTS SLIP 26.68 PERCENT WEEK ON WEEK
COALspot.com: In the week ended 24 February 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2. ...
Wednesday, 26 February 14
SMALLER SIZE SEGMENTS HOLDING ON TO THEIR LEVELS; CAPES CORRECTING UPWARDS - INTERMODAL
Chartering (Wet: Stable- / Dry: Stable+)
The Dry Bulk market continued to improve this past week, on the back of rates for the smaller size s ...
Tuesday, 25 February 14
GBCE, A COAL UPGRADING TECHNOLOGY DEVELOPER, APPOINTS RICHARD BULMAN AS PROJECT DIRECTOR
Press Release: GB Clean Energy Ltd. (GBCE) announced today the appointment of Richard Bulman as Project Director. In this capacity Mr. Bulman ...
Tuesday, 25 February 14
ULTRAMAXES ARE THE 'WEAPON OF CHOICE' FOR DRY BULK SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It's been a busy start in 2014, as the first month of the year was a rather active in terms of second hand vessel purchases and newbuilding orderin ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- MS Steel International - UAE
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- The University of Queensland
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Aditya Birla Group - India
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
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