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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, 01 January 14
DRY BULK CARRIER OWNERS ANTICIPATING AN EVEN STRONGER 2014 YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
To begin with, The Hellenic Shipping News Worldwide team would like to wish you all a Happy and Prosperous 2014! We begin the New Year with our firs ...
Tuesday, 31 December 13
INDONESIA'S COAL PRODUCTION COULD HIT 450 MMT IN 2014 - ICMA
COALspot.com: Indonesia, the fourth largest coal producer and largest coal exporter in the world, to increase coal output in year 2014 instead of th ...
Tuesday, 31 December 13
U.S. COAL PRODUCTION INCREASED WEEK ON WEEK, EIA SAYS
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.5 million short tons (mmst) of coal in ...
Tuesday, 31 December 13
MORE THAN $21 BILLION INVESTED IN SECOND HAND SHIP PURCHASES IN 2013
One thing that was apparent in the sale and purchasing markets during 2013 was the ship owners' larger appetite for vessel acquisitions, as most so ...
Monday, 30 December 13
INDONESIAN COAL TO BE PART OF INDEX DETERMINING POWER TARIFFS - BUSINESS STANDARD
In a significant move, power sector regulator CERC has decided to provide 50 per cent weightage for Indonesian coal in the benchmark index that is u ...
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- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Carbofer General Trading SA - India
- The University of Queensland
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Parliament of New Zealand
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
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