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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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Saturday, 30 November 13
NTPC STARTED IMPORTING COAL THROUGH NW1 FOR ITS FARAKKA POWER PLANT
COALspot.com: In a pioneering and path breaking operation, the very first consignment of about 69,060 metric tons of imported coal bought by MV HUAY ...
Friday, 29 November 13
DRY BULK MARKET BACK ON HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market is strengthening as a result of higher demand for Capesize vessels. The BDI (Baltic Dry Index) was up by 146 points yesterday, e ...
Wednesday, 27 November 13
DRY SEGMENTS EXCEPTION OF PANAMAXES, REMAINED OVERALL STABLE - INTERMODAL
COALspot.com : The Dry Bulk market closed off the week in the red, albeit the decrease noted was of short scale. With the exception of Panamaxes, th ...
Wednesday, 27 November 13
US WHEAT IMPORTS TO BRAZIL, REACHED A 35 - YEAR HIGH - EVA TZIMA
COALspot.com: As I am going through a number of dry market fixtures reported since the beginning of October, my eyes instinctively stop where they d ...
Wednesday, 27 November 13
SHIP OWNERS ONCE AGAIN TURN TO DRY BULK CARRIERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners once again turned to more dry bulk carrier ordering over the course of the past week, as more and more appear convinced of the industry ...
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- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- London Commodity Brokers - England
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
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