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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, 15 January 14
INDONESIAN MINING LAW AVERTS BOP PRESSURE, RISKS REMAIN, FITCH SAYS
The last-minute intervention at the weekend by Indonesia's politicians to avert a significant disruption of mining activity and exports, should lim ...
Wednesday, 15 January 14
Q3 AND Q4 INDONESIAN COAL SWAPS DECLINE MONTH ON MONTH
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery lost $ 1.23 pmt month on month on Friday 10 January 2014. T ...
Wednesday, 15 January 14
PANAMAX: PACIFIC - REMAINED QUIET; ATLANTIC - CONTINUED THEIR RETREAT
COALspot.com: The holiday hangover seems well underway for the Dry Bulk market that saw more ground being lost this past week. The BDI has closed of ...
Tuesday, 14 January 14
AUSTRALIAN NEWCASTLE PORT'S WEEKLY COAL EXPORTS FALL 18.28 %
COALspot.com: In the week ended January 13, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 2.67 ...
Monday, 13 January 14
INDONESIAN ORE BAN TO HAVE LIMITED IMPACT ON CHINESE ALUMINIUM PRODUCERS, FITCH RATINGS SAYS
COALspot.com: Fitch Ratings says today that Indonesia's ban on exports of unprocessed mineral ore will have limited impact on Chinese aluminium pro ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Economic Council, Georgia
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
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