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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, 17 December 13
NEWCASTLE COAL EXPORTS UP 37.83% WEEK ON WEEK
COALspot.com: In the week ended December 16, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 3.45 ...
Monday, 16 December 13
SUB-BIT FOB INDONESIA COAL SWAP LOST $ 0.53 IN A WEEK
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery gained $ 0.91 pmt month on month on Friday 13 December 2013 ...
Monday, 16 December 13
API 8 CFR SOUTH CHINA COAL Q3' 14 DELIVERY PRICE CLOSED $1.63 LESSER THAN Q1' 14 PRICE
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery gained 5.34 percept month on month as on Friday 13 December 2013. ...
Sunday, 15 December 13
SUPRAMAX'S FREIGHT RALLY COMES TO AN END THIS WEEK
COALspot.com: The BDI was up by 7 pct closing at 2,330 points week on week and the cape index was also up by 10.51 points and closed at 4,246 points ...
Friday, 13 December 13
HARD COAL : VOLUMES POSSIBLY AT RECORD-BREAKING HIGH; PRICES POSSIBLY AT A RECORD-BREAKING LOW - VDKI
Press Release : World Hard Coal Market 2013: volumes possibly at record-breaking high, prices possibly at a record-breaking low. German and UK impor ...
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- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Australian Coal Association
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
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