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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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Tuesday, 28 January 14
DRY BULK SHIP OWNERS RETREAT TO OLD 'HABITS', REFUSING TO DEMOLISH OLD VESSELS, THREATENING MARKET RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
If one thing is clear as we reflect on the 2013 shipping markets, it's that ship owners took advantage of low prices, in order to acquire newer ton ...
Monday, 27 January 14
MERCATOR SINGAPORE REPORTS 52% INCREASE IN EBITDA FOR Q3 FY 2014 AS COMPARED TO PREVIOUS QUARTER
COALspot.com: Mercator Lines (Singapore) Limited, a leading Indian-owned international dry bulk shipping company that operates a fleet of fourteen d ...
Monday, 27 January 14
13TH CLEAN COAL FORUM 2014
COALspot.com: (Press Release) - Produced by CDMC Events, The 13th Clean Coal Forum 2014 will be held on June 12 &13 2014 in Beijing, China. We a ...
Monday, 27 January 14
Q3 & Q4 API 8 CFR SOUTH CHINA COAL SWAPS CONTINUE TO REMAIN WEAK
COALspot.com: API 8 CFR South China Coal swaps for average Q1 14 delivery lost 4.45 percent month on month and closed at US$ 79.05 per mt as on Frid ...
Monday, 27 January 14
Q3 2014 SUB-BIT INDONESIA COAL SWAP LOST GROUND, ENDS AT $60 PMT
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery lost 2.29% pmt month on month on Friday 24 January 2014. Th ...
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- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- CNBM International Corporation - China
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
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