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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, 20 January 14
SUB-BIT INDONESIA COAL SWAP SEEN LOWER IN 2ND HALF OF 2014
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery lost $ 0.78 pmt month on month on Friday 17 January 2014. T ...
Monday, 20 January 14
THE CFR SOUTH CHINA COAL MARKET APPEARS TO HAVE LOST DIRECTION
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery lost 4.25 percept month on month and closed at US$ 79.48 per mt as ...
Sunday, 19 January 14
FREIGHT MARKETS SEE CONTINUED WEAK PERFORMANCE
COALspot.com: The market has continued to soften particularly in the far East/SE Asia sector.
The BDI was down 6 pct week on week, the index was ...
Friday, 17 January 14
US COAL PRODUCTION DOWN WEEK ON WEEK: EIA
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.3 million short tons (mmst) of co ...
Friday, 17 January 14
DRY BULK MARKET ENDS DECLINE, BOUNCES BACK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It's been a rough start to the New Year for the dry bulk market, which was supposed to be on the verge of rallying to new heights this year, on the ...
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- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- The University of Queensland
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- White Energy Company Limited
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
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