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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, 06 February 14
PANAMAX: FAR EAST IS ALMOST ABSENT AND ATLANTIC ON SLOW STEAM
Handy
Due to ongoing Chinese New Year the market is still quiet. Slowly we can see some fresh coal cargos entering the market with second half Feb/ ...
Wednesday, 05 February 14
DRY BULK MARKET HAS LOST FURTHER GROUND THIS PAST WEEK - INTERMODAL
COALspot.com: The Dry Bulk market has lost further ground this past week as activity ex-Far East disappeared into the Chinese holidays and owners id ...
Wednesday, 05 February 14
MARKET INSIGHT - TASOS PAPADOPOULOS
KNOWLEDGE TO ELEVATE
COALspot.com: Let's take a break from market prospects, numbers, order book etc. and shed some light on the conclusions of ...
Tuesday, 04 February 14
NEWCASTLE PORT'S WEEKLY COAL EXPORTS HIT NEW HIGH OF 3.53 MMT
COALspot.com: In the week ended 3 February 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled ...
Monday, 03 February 14
SUB-BIT INDONESIA COAL SWAP GAINED WEEK ON WEEK
COALspot.com – Swaps prices gained for thermal coal loading from Indonesia, the world’s largest exporter of the fuel, according SGX.
...
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- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- GMR Energy Limited - India
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Planning Commission, India
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Aditya Birla Group - India
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