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Indonesia's mining exports at standstill after new rules -govt official
(Minews) - Indonesia's metal ore and concentrate exports have ground to a halt, a trade ministry official said on Friday, with a ban on ore shipments and an export tax introduced less than two weeks ago hurting the mining industry.

"There has been no concentrate export since January 12," Bachrul Chairi, director general of foreign trade at the trade ministry told Reuters. "As of now, no miners or companies have requested export approval for concentrate or processed ore to trade ministry."

Indonesia introduced an ore export ban on Jan. 12, although last-minute amendments eased the impact of the export ban on copper miners Freeport McMoRan Copper & Gold and Newmont Mining Corp, which are now subject to a progressive export tax on concentrates.

Freeport Indonesia has yet to resume exports since the export tax was introduced, while the Mineral Entrepreneurs Association has filed a legal challenge against the ore export ban.

The ban is expected to cut government revenue by as much as $820 million this year, the country's finance minister has said.
Publish date : Saturday 25 January 2014 01:24
Story Code: 2661
Source : Reuters