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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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Wednesday, 04 December 13
INDONESIAN COAL EXPORTS VOLUME AND REVENUE IN OCTOBER MARCHED TOWARDS NORTH
COALspot.com: Indonesia, the world's 4th largest coal producer and the largest multi grade coal exporter shipped over $1.76* billion worth of ...
Wednesday, 04 December 13
WEST AUSTRALIA IRON ORE FIXTURES ALSO CONTINUING TO PROVIDE A STEADY FLOW OF BUSINESS FOR CAPES - INTERMODAL
The Dry Bulk market has reversed course this past week, bringing back some of the lost excitement of the past month, as all size segments climbed hi ...
Wednesday, 04 December 13
THE BUYERS' DEMAND IS CONTINUOUSLY BULLISH - KONSTANTINOS KONTOMICHIS
The very low rates that prevailed for the bigger part of 2013 seem to have prepared the ground for buying opportunities for shipping investors. The ...
Wednesday, 04 December 13
SGX AND CFA TO COLLABORATE TO DEVELOP DERIVATIVES MARKETS IN CHINA AND SINGAPORE
Singapore Exchange (SGX) and the China Futures Association (CFA) are cooperating in the development of derivatives markets in China and Singapore.
...
Wednesday, 04 December 13
SGX'S MONTHLY VOLUMES REACHED A RECORD HIGH OF 705,000 MT IN NOVEMBER 2013
COALspot.com: SGX has announced that, it monthly volumes have reached a record high of 705 lots (705,000 mt) in November 2013 with month-end open in ...
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- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- White Energy Company Limited
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
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