• 1 day Iraq Begins To Rebuild Largest Refinery
  • 1 day Canadian Producers Struggle To Find Transport Oil Cargo
  • 1 day Venezuela’s PDVSA Makes $539M Interest Payments On Bonds
  • 1 day China's CNPC Considers Taking Over South Pars Gas Field
  • 2 days BP To Invest $200 Million In Solar
  • 2 days Tesla Opens New Showroom In NYC
  • 2 days Petrobras CEO Hints At New Partner In Oil-Rich Campos Basin
  • 2 days Venezuela Sells Oil Refinery Stake To Cuba
  • 2 days Tesla Is “Headed For A Brick Wall”
  • 2 days Norwegian Pension Fund Set to Divest From Oil Sands and Coal Ventures
  • 2 days IEA: “2018 Might Not Be Quite So Happy For OPEC Producers”
  • 2 days Goldman Bullish On Oil Markets
  • 2 days OPEC Member Nigeria To Issue Africa’s First Sovereign Green Bond
  • 3 days Nigeria To Spend $1B Of Oil Money Fighting Boko Haram
  • 3 days Syria Aims To Begin Offshore Gas Exploration In 2019
  • 3 days Australian Watchdog Blocks BP Fuel Station Acquisition
  • 3 days Colombia Boosts Oil & Gas Investment
  • 3 days Environmentalists Rev Up Anti-Keystone XL Angst Amongst Landowners
  • 3 days Venezuelan Default Swap Bonds At 19.25 Cents On The Dollar
  • 3 days Aramco On The Hunt For IPO Global Coordinators
  • 4 days ADNOC Distribution Jumps 16% At Market Debut In UAE
  • 4 days India Feels the Pinch As Oil Prices Rise
  • 4 days Aramco Announces $40 Billion Investment Program
  • 4 days Top Insurer Axa To Exit Oil Sands
  • 4 days API Reports Huge Crude Draw
  • 4 days Venezuela “Can’t Even Write A Check For $21.5M Dollars.”
  • 4 days EIA Lowers 2018 Oil Demand Growth Estimates By 40,000 Bpd
  • 5 days Trump Set To Open Atlantic Coast To Oil, Gas Drilling
  • 5 days Norway’s Oil And Gas Investment To Drop For Fourth Consecutive Year
  • 5 days Saudis Plan To Hike Gasoline Prices By 80% In January
  • 5 days Exxon To Start Reporting On Climate Change Effect
  • 5 days US Geological Survey To Reevaluate Bakken Oil Reserves
  • 5 days Brazil Cuts Local Content Requirements to Attract Oil Investors
  • 5 days Forties Pipeline Could Remain Shuttered For Weeks
  • 5 days Desjardins Ends Energy Loan Moratorium
  • 6 days ADNOC Distribution IPO Valuation Could Be Lesson For Aramco
  • 6 days Russia May Turn To Cryptocurrencies For Oil Trade
  • 6 days Iraq-Iran Oil Swap Deal To Run For 1 Year
  • 8 days Venezuelan Crude Exports To U.S. Fall To 15-year Lows
  • 8 days Mexico Blames Brazil For Failing Auction

Breaking News:

Iraq Begins To Rebuild Largest Refinery

The Countdown Is On For This Key Copper Nation

Copper Mine

The world’s largest copper miner, Chile’s Codelco, dodged a bullet this past week when management got an early labor deal signed with workers at the Chuquicamata mega-mine — heading off any potential strike action.

But the news wasn’t quite as good this week in another major copper nation - Indonesia.

Politicians in the country told a press gathering that they’re still seeking a solution to one of the biggest issues in the mining space here: a looming ban on unprocessed mineral exports. Which could see copper supply from the nation choked off over the coming weeks.

The ban itself dates back to January 2014 — when regulators passed a law requiring mined ore to be upgraded in Indonesia. Precluding the export of mineral concentrates to foreign smelters, which was common practice at the time.

Regulators then backed off, amending the law to allow concentrate exports until January 12, 2017. Giving time for miners to build local smelters to process ore.

That deadline is now just three weeks away. And miners like Indonesia’s biggest copper producer Freeport-McMoRan are reportedly looking for more time — but there’s no guarantee they’re going to get it.

That’s because Indonesia’s government still hasn’t made any progress in changing the law. With officials
from a parliamentary commission overseeing mining saying they haven’t received any updated legislation on the export ban — despite reports earlier this year that revised rules would be ready by September.

Related: Who Won The 2016 Oil War?

Without such legal changes, officials said they are powerless to give miners a reprieve from the looming deadline. Setting up for a tense few coming weeks, while copper producers wait to see if anything is going to give.

If a solution isn’t found, January 12 could see an abrupt end to all copper exports from Indonesia (also affecting by-product gold production). Mining ministry officials said they are in talks with other branches of government to reach a solution — watch to see if any last-minute reprieves emerge over the next three weeks.

Here’s to a nail-biter,

By Dave Forest

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Dennis on December 21 2016 said:
    Manganese ore in particular is subject to liquefaction in a ship's hold in rough seas. This has caused quite a few vessels to roll over, founder, & disappear in Indonesian waters. Other ores, dunno, depends on moisture content. Pelletizing the ore, at minimum, would reduce the problem and save lives & ships.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News