• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 18 hours Could Venezuela become a net oil importer?
  • 10 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 21 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 3 hours Oil prices going Up? NO!
  • 18 hours Gazprom Exports to EU Hit Record
  • 19 hours EU Leaders Set To Prolong Russia Sanctions Again
  • 17 hours Could oil demand collapse rapidly? Yup, sure could.
  • 11 hours Oil prices going down
  • 21 hours Why is permian oil "locked in" when refineries abound?
  • 17 hours Oil Buyers Club
  • 21 hours EVs Could Help Coal Demand
  • 9 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 1 day China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 1 day Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 4 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 16 hours Saudi Arabia turns to solar
Can Oil Pull Greece Out Of Poverty?

Can Oil Pull Greece Out Of Poverty?

Greece’s withering economy could use…

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