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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, 13 December 13
DRY BULK SHIPPING TO WITNESS HEALTHY DEMAND MOVING FORWARD - ICS
The Institute of Chartered Shipbrokers Greek Branch organised its 9th Annual Forum at Eugenides Foundation, on Wednesday, 11th of December, with a r ...
Friday, 13 December 13
US PRODUCED APPROXIMATELY 18.4 MILLION SHORT TONS OF COAL W/E 7 DECEMBER 2013
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.4 million short tons (mmst) of coal in ...
Thursday, 12 December 13
GREAT EXPECTATIONS SANCTIONED - EVA TZIMA
News that sanctions on Iranian oil exports could be lifted sometime in the following months have shaken the markets recently. One of the world&rsquo ...
Thursday, 12 December 13
DRY BULK MARKET RATES FOR CAPESIZES TO REMAIN VOLATILE SAYS BIMCO
The dry bulk market has reached multi year highs this week, as the BDI is standing at the 2,300-point mark. In its analysis of the market, BIMCO pre ...
Wednesday, 11 December 13
THE INDONESIAN GOVERNMENT IS CONSIDERING SETTING A REGULATION ON THE MINIMUM PURITY TO REGULATE UNPROCESSED ORE BAN
COALspot.com: Energy and Mineral Resources Minister Jero Wacik recently proposed to house those mining (mineral) companies that had shown a commitme ...
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- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
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