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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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Tuesday, 07 January 14
INDONESIA RAISES COAL PRICE THIS MONTH
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has increased government declared coal bench mark price by US$ 1.59 / MT ...
Tuesday, 07 January 14
NEWCASTLE COAL TERMINAL'S COAL EXPORTS SLIDE TO 3.54 MMT W/E 30 DECEMBER 13
COALspot.com: In the week ended December 30, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 3.54 ...
Tuesday, 07 January 14
US COAL OUTPUT SLIDES 9 PCT WEEK ON WEEK, EIA SAYS
COALspot.com – United States the world’s second largest coal producer, produced approximately 17.8 million short tons (mmst) of coal in ...
Monday, 06 January 14
ARGUS LAUNCHES SPOT CFR EAST COAST INDIA COAL ASSESSMENTS
COALspot.com: Global energy and commodity news and price reporting agency Argus has announced today that, the company has launched CFR coal assessme ...
Monday, 06 January 14
INDONESIAN COAL SWAPS SLIDE TO $ 61.25 FOR Q4' 14 DELIVERY
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery lost $ 0.32 pmt month on month on Friday 3 January 2014. Th ...
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- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Australian Coal Association
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- The University of Queensland
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Trasteel International SA, Italy
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