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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, 22 January 14
HANDY/SMAX: TALK OF RATES INDICATES A STEADY TO FIRMING TREND - INTERMODAL
Last week closed off on the red once more for the Dry Bulk market, which continues to see freight rates trying to get steady feet. Nonetheless, with ...
Wednesday, 22 January 14
EXPORT BAN ON UNPROCESSED MINERALS EFFECTIVE 12 JANUARY 2014 - THREE - YEAR REPRIEVE FOR SOME, BUT UNCERTAINTY REMAINS: PWC
COALspot.com: On 11 January 2014, only hours before a long-debated ban on the export of unprocessed minerals was to come into effect, the Government ...
Wednesday, 22 January 14
DRY SECTOR: SENTIMENT REMAINS STRONG - INTERMODAL
As we have now entered 2014 and the Chinese are soon entering their Year of the Horse (sit tight for the ride!), it is a great opportunity to see ho ...
Wednesday, 22 January 14
SGX SUCCESSFULLY LAUNCHED FREIGHT FUTURES
COALspot.com: Singapore exchanged announced that, SGX Freight Futures were successfully launched on 20 January 2014, and the first trade ...
Tuesday, 21 January 14
PORT OF NEWCASTLE SHIPPED SLIGHTLY MORE COAL WEEK ON WEEK
COALspot.com: In the week ended 20 January 14, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 2. ...
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- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- The University of Queensland
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Parliament of New Zealand
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
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