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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, 12 January 14
THE FREIGHT MARKET CONTINUE TO REMAIN WEAK NEXT WEEK - SOLYM CARRIERS
Wish You A very Happy New Year
COALspot.com: The market has dropped quite a lot as expected due to holidays and probably also the effect of ban o ...
Friday, 10 January 14
DECISION ON ORE EXPORT BAN WILL BE MADE TOMORROW: INDUSTRY MINISTER, JG SAYS
Industry Minister M.S. Hidayat dismissed reports on Thursday that the government had made a decision on the matter. “We will only make a decis ...
Friday, 10 January 14
US COAL PRODUCTION UP 5.8% ON WEEK IN WEEK ENDED SATURDAY 4 JANUARY
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.8 million short tons (mmst) of coal in ...
Thursday, 09 January 14
THE INDONESIAN GOVERNMENT EASES ORE EXPORT BAN
COALspot.com: The Indonesian government has finally agreed to ease the ore-export ban just a few days before the Sunday deadline amid protests from ...
Thursday, 09 January 14
CAPESIZE: WEST AUSTRALIA FREIGHT IS NOW DOWN IN THE $8S AND STILL DROPPING - FEARNLEYS
Handy
In the Atlantic we see rates sliding slowly for the start of 2014. Several players cvrd over the holidays and the rate decline was som ...
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- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Planning Commission, India
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Australian Coal Association
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
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