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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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Sunday, 26 January 14
FREIGHT RATES FALL FURTHER ON LACK OF CARGOES - SOLYM CARRIERS
COALspot.com: The freight market has continued to soften further this week with BDI down by 12.31 pct. BDI was closed at 1,246 points week ended 24 ...
Friday, 24 January 14
US COAL PRODUCTION UP 3.9% ON WEEK IN WEEK ENDED SATURDAY - EIA
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.1 million short tons (mmst) of coal in ...
Friday, 24 January 14
DRY BULK MARKET STRUGGLING TO FIND FIRM FOOTING IN START OF 2014 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been faltering since the start of 2014, struggling to hold its ground as low seasonal demand has hindered further growth in ...
Thursday, 23 January 14
PANAMAX : THIS WEEK THE ACTIVITY CAME DOWN DRAMATICALLY - FEARNRESEARCH
Handy
With the Chinese New Year approaching the activity and rate levels are sliding in both hemispheres. Rates in the Atlantic have knocked off so ...
Thursday, 23 January 14
30 DAYS LEFT TO REGISTER FOR PACIFIC BASIN COAL CONFERENCE
COALspot.com: (Press Release) : IHS Inc. (NYSE: IHS), the leading global source of information and analysis, will host the Pacific Basin Coal Confer ...
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- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- White Energy Company Limited
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
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