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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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Friday, 20 December 13
US PRODUCED 2.71% MORE COAL WEEK ON WEEK
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.9 million short tons (mmst) of coal in ...
Friday, 20 December 13
DRY BULK MARKET SLUMPS AHEAD OF HOLIDAY SEASON - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As has been the case in recent years, the dry bulk market has been on a downward trend ahead of the Holiday Season for a large part of the world. Th ...
Thursday, 19 December 13
SHIPPING CONFIDENCE HITS THREE-YEAR HIGH - MOORE STEPHENS
Overall confidence levels in the shipping industry rose to their highest level for more than three years over the three-month period to November 201 ...
Wednesday, 18 December 13
SNP ACTIVITY IN CHINA SEEMS TO BE SLOWING DOWN - CHRISTOS TRAGEAS
Approaching the end of the year, SnP activity in China seems to be slowing down in comparison to the first half of this quarter, as most Chinese Shi ...
Wednesday, 18 December 13
DEMOLITION ACTIVITY SCALED BACK AS FREIGHT RATES RISE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It's always been the case that each time we witness a spike in freight rates, demolition activity is decreasing, as owners are looking for more car ...
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- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- CNBM International Corporation - China
- ASAPP Information Group - India
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Economic Council, Georgia
- Wilmar Investment Holdings
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Planning Commission, India
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- White Energy Company Limited
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
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