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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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Wednesday, 12 February 14
NEW BUILDING ORDERS REACHING NEW POST-CRISIS HEIGHTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners are looking to take advantage of the last few attractive deals in the new building market, before prices start climbing to new highs and ...
Wednesday, 12 February 14
2013 WAS THE YEAR OF PRIVATE EQUITY FUNDING - TIMOS PAPADIMITRIOU
COALspot.com: People say that money makes the world go round. Well, can it be that it’s the other way around? Is it possible that money needs ...
Tuesday, 11 February 14
INDONESIAN COAL SWAP SHOWS STRONG GROWTH IN 2014 SECOND HALF
COALspot.com – Swaps prices slide for thermal coal loading from Indonesia, the world’s largest exporter of the fuel, according SGX.
T ...
Tuesday, 11 February 14
AUSTRALIA'S NEWCASTLE COAL EXPORTS SLIDE AROUND 15% WEEK ON WEEK
COALspot.com: In the week ended 10 February 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled ...
Tuesday, 11 February 14
SHIP OWNERS INVEST IN 447 NEWBUILDINGS AND SECOND HAND VESSELS DURING JANUARY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite a rough start to the year for the dry bulk freight market and lackluster performance from most other shipping sub-segments, ship owners have ...
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- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Planning Commission, India
- PTC India Limited - India
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
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