Recent export ban in relation to raw ores Sample Clauses

Recent export ban in relation to raw ores. As advised by the Company’s Indonesia legal advisers, the Government policy of encouraging further value-adding to mineral exports has been in existence for some time in Indonesia and is reflected in a series of laws and regulations since 1990s. The Regulation of the Minister of Energy and Mineral Resources No. 7 of 2012 on the Value Added Enhancement of Minerals Through Mineral Processing and Purification Activities (the “MEMR7/2012”) has the effect of banning exports of raw ore from 6 May 2012. The provision banning exports of raw ore from 6 May 2012 has now been amended by a new provision which says that raw ore can be exported after the IUP holder becomes a “Registered Mining Product Exporter”. This registration will only apply for companies holding IUPs until 12 January 2014. Once the IUP holder has become a Registered Mining Product Exporter, it is still necessary to obtain a further recommendation from the Directorate General of Minerals and Coal (the “Per- Shipment Recommendation”) and an export approval from the Department of Trade for that shipment (the “Mining Product Export Approval”) for each proposed shipment of mineral ores. As advised by the Company’s Indonesia legal advisers, KS, KP and KKU have been confirmed as Registered Mining Product Exporters. Currently, the Mining Product Export Approval of KP and KKU have expired on 25 September 2012 and KS has obtained a new Mining Product Export Approval which is valid until 13 January 2013. As such, KP and KKU have to renew both the Per-Shipment Recommendation and the Mining Product Export Approval before each proposed shipment of mineral ores and KS has to renew its Mining Product Export Approval after its expiration. To mitigate the uncertainty of further laws and regulations to be issued after 12 January 2014, the Project Companies have made plans to establish laterite nickel smelters in Indonesia to add values to laterite nickel to be produced by them and thus to meet the aforementioned requirements.
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