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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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Monday, 03 February 14
API 8 CFR SOUTH CHINA COAL SWAP CONTRACTS FALL
COALspot.com: API 8 CFR South China Coal swaps for average Q1 14 delivery lost 4.71 percent month on month and closed at US$ 78.87 per mt as on Frid ...
Monday, 03 February 14
COAL FREIGHT RATES REMAIN UNDER PRESSURE
COALspot.com: The BDI is fell 50 pct over last one month which seems to be one of the lowest fall in last few years.
The BDI was down by 11 ...
Friday, 31 January 14
U.S. COAL PRODUCTION TOTALED APPROXIMATELY 19.2 MMST W-O-W
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.2 million short tons (mmst) of coal in ...
Friday, 31 January 14
DRY BULK MARKET STILL ON A FALL, EXPECTED TO WORSEN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market is definitely in the doldrums since the start of the year, in what could only be described as a "lost" month for indus ...
Thursday, 30 January 14
JPU SETTLEMENT PRICE AS A BENCHMARK WILL DECLINE IN IMPORTANCE BUT REMAIN RELEVANT, SAYS WOOD MACKENZIE
JPU price will remain above spot, trending closer to spot till 2015 then increasing to 2035.
Japanese Power Utilities (JPU) are approaching a cru ...
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- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Australian Coal Association
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Planning Commission, India
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- The University of Queensland
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
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