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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, 13 November 13
THE SOFTENING HAS AFFECTED THE BIGGER SIZE SEGMENTS; SMALLER ONES STILL APPEAR TO BE VERY STABLE - INTERMODAL
After a month and a half of back to back weekly declines, the dry bulk market has finally reversed its negative course. We believe that there should ...
Wednesday, 13 November 13
DRY BULK MARKET HAS REVERSED ITS NEGATIVE COURSE - INTERMODAL
Chartering (Wet: Firm+ / Dry: Stable+ )
The Dry Bulk market has reversed its negative course this past week with rates for Capes making up fo ...
Wednesday, 13 November 13
NEWCASTLE COAL EXPORTS PLUNGE 12.40% IN W/E 10 NOVEMBER FROM THE PRIOR WEEK
COALspot.com: In the week ended November 11, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totaled 2.42 ...
Monday, 11 November 13
TAMIL NADU STATE OWNED POWER GENERATOR TO IMPORT 3.7 MMT OF 6000 GAD COAL
COALspot.com - TANGEDCO, Tamil Nadu Generation & Distribution Corporation Ltd, Tamil Nadu state owned power generator & distributor intends ...
Sunday, 10 November 13
PANAMAX COAL FREIGHT RATES REMAIN UNDER PRESSURE; SUPRAMAX BIGGEST GAINER - REDDY
COALspot.com: The freight market was up this week with all indices increased except for Panamax index.
The BDI was up by 56 points closing at 158 ...
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- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- PTC India Limited - India
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Bhatia International Limited - India
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- The University of Queensland
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Africa Commodities Group - South Africa
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