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Indonesia to review rules banning metal concentrate exports from 2017-The 17th China(Guangzhou)Int’l Spring Industry Exhibition
2/18/2016 Spring Industry expo |
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Reuters reported that country''s mining minister said that Indonesia will review rules banning exports of partially processed metal ores, including copper and zinc, as the smelters they were intended to develop have not materialized amid low commodity prices
Indonesia’s Energy and Mineral Resources Minister Mr Sudirman Said that “Indonesia will this year review the concentrates export ban as part of a revision of the 2009 mining law that led to the export edicts and other regulations. If no review is done, it is almost certain there will be a lot of breaches. Articles in rules that can''t be implemented have no value."
He said "Smelters must be built in three years, and that''s while mineral industry prices have dropped. Many mining companies are facing difficulties.”
Indonesia banned metal ore exports in early 2014 to encourage firms to build smelters to create jobs and shift exports from raw materials to higher-value finished metals. However, the ban cost the country, the world''s top nickel ore exporter and a major supplier of bauxite for aluminum, billions of dollars in lost revenue. Since the ban, many of Indonesia''s nickel and bauxite miners have shelved smelter projects amid falling commodity prices. Up to seven projects are expected to be completed this year.
While the 2014 ban has remained intact for nickel ore and bauxite exports, the government gave producers of partially processed metals known as concentrates until 2017 to continue exports if they paid an export tax and developed domestic processing facilities.
-The 17th China(Guangzhou)Int’l
Spring Industry Exhibition
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