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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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Monday, 09 December 13
SUB-BIT INDONESIA COAL SWAP FOR Q3' 14 DELIVERY CLOSED $ 0.57 LESSER THAN Q1 CLOSING
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q1’ 14 delivery gained $ 1.49 pmt month on month on Friday 6 Decembe ...
Sunday, 08 December 13
SOUTH CHINA COAL SWAPS SHOW A DECLINE TREND IN Q2 & Q3' 14
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery gained 6.76 percept month on month as on Friday 6 December 2013. T ...
Sunday, 08 December 13
RBCT SHIPPED 63.446 MMT OF COALS YTD
COALspot.com - Richards Bay Coal Terminal (RBCT), the world's single largest coal terminal has shipped 63,446,232 mt of coals YTD, according to por ...
Saturday, 07 December 13
SUPRAMAX SHIPS FOR EC INDIA TO CHINA ROUTE BEING FIXED AT AROUND US$ 13K - SOLYM
COALspot.com: The freight market continued to be firm due to high Iron ore demand. The cape index was up by almost 25 pct this week. The grain seaso ...
Saturday, 07 December 13
A RARE TIME IN RECENT SHIPPING MARKET HISTORY: BOTH DRY BULK AND VLCC TANKER EARNINGS ARE ON THE RISE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Around this time of year, back in 2008, i.e. five years ago, the shipping markets were plagued with the aftermath of the global financial crisis tha ...
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- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Planning Commission, India
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Australian Coal Association
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
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