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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, 24 December 13
AUSTRALIAN NEWCASTLE PORT'S WEEKLY COAL EXPORTS UP 11.46% W-W
COALspot.com: In the week ended December 23, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 3.84 ...
Tuesday, 24 December 13
SGX HAS LAUNCHED FREIGHT FUTURES
COALspot.com: Singapore Exchange (SGX) has announced the launch of freight future yesterday.
According to SGX’s press release, SGX has laun ...
Monday, 23 December 13
API 8 CFR SOUTH CHINA COAL SWAP FOR AVERAGE Q1' 14 CLOSED AT $ 82.80
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery gained 2.97 percept month on month as on Friday 20 December 2013. ...
Sunday, 22 December 13
Q1' 14 DELIVERY COAL SWAPS CLOSING HIGH COMPARED TO Q4' 14 DELIVERY CLOSING
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery gained $ 1.31 pmt month on month on Friday 20 December 2013 ...
Sunday, 22 December 13
QUIET FREIGHT MARKET DUE TO LONG HOLIDAYS
COALspot.com: The market was soft this week with all indices down. However towards second half of the week the futures on segments was firming up.
...
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- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
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