Jakarta bans mineral ore exports but 66 firms exempted for now

[CityFarmer]

The new export ban might impact on quite a bit of mining companies, except giant ones...

Jakarta bans mineral ore exports but 66 firms exempted for now

JAKARTA — Indonesia, one of the world’s biggest resource exporters, yesterday halted exports of mineral ore in a bid to promote domestic processing, but the country’s President passed a last-minute regulation to ease the impact of the ban on major mining companies.

In one of his biggest economic policy decisions since taking office nearly 10 years ago, President Susilo Bambang Yudhoyono approved the ban, but allowed American mining giants Freeport-McMoRan Copper & Gold and Newmont Mining to continue to ship billions of dollars worth of copper overseas.
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http://www.todayonline.com/business/jaka...empted-now

[opmi]

using 2nd order thinking, smuggling and corruption will increase.

Buy Hour Glass coz need to bribe Indon Customs Officers (half joking) hahaha

[CityFarmer]

Latest update on the ban by Indonesia authority. I am more concern on the nickel, since it will affect the steel production, thus affect the recovery of shipbuilding industry. China should already build-up its inventory by now, and likely able to sustain till the end of Indonesian election, IMO

Indonesia mineral ban leaves mining in turmoil

JAKARTA — Indonesia’s mining sector was left in turmoil yesterday (Jan 13) after the government pushed through a controversial ban on exporting unprocessed mineral exports.

Global nickel prices and mining shares rallied in the first trading day after the ban in the world’s top nickel ore exporter. The ban on a range of mineral ores took effect on Sunday, five years after a law was passed to force miners to build processing plants.

The government provided a last-minute reprieve for exporters to keep shipping some minerals, although United States miner Freeport McMoRan Copper & Gold was waiting for confirmation so that it could continue to ship copper.
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http://www.todayonline.com/world/asia/in...ng-turmoil