• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 57 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 16 hours The United States produced more crude oil than any nation, at any time.
  • 6 days e-truck insanity
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 6 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 6 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 9 days Bankruptcy in the Industry
Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Premium Content

All Copper Exports From This World-Leading Nation Stopped Last Night

Copper exports

I wrote in late December about a looming crisis in Indonesia’s mining sector.

And yesterday, it hit.

Officials at Indonesia’s mining ministry confirmed that miners including Freeport-McMoRan have now halted copper concentrate exports. In accordance with rules that mandated a complete stop to concentrate shipments as of January 12.

That comes even as Indonesian officials said earlier this week they are writing new rules to allow continued concentrate shipments. With Energy and Mineral Resources Minister Ignasius Jonan saying he aimed to keep miners exporting beyond the January 12 deadline.

It appears however, that lawmakers were unable to get new rules finalized. And the clock ran out on Indonesia’s miners for the moment — with the concentrate export ban reportedly also now affecting lead, zinc and iron ore producers across the country.

Reports suggest Minister Jonan is still working to draft a 12th-hour solution. With a press conference planned very soon to announce the new direction for mining policy in this key producing nation.

And those new rules will reportedly have critical implications for Indonesia’s mining sector going forward. Quite likely affecting metals supply and prices around the globe.

For one thing, Indonesian officials said the new rules may allow resumed exports of nickel and bauxite concentrates. With nickel being an especially big deal, given that Indonesia was formerly the world’s largest exporter of this metal. But lost that spot after the export ban kicked in during 2014. Related: How Tillerson Could Jeopardize Geopolitics In Iraq

A resumption of nickel exports here could thus substantially increase global supply. And put a damper on worldwide prices.

Mining Minister Jonan also said that new rules will require foreign miners in Indonesia to divest 51 percent ownership to locals. Adding that this rule would be applied “wherever possible” — suggesting that more operations could come under pressure to sell off stakes to Indonesian investors.

Such a move would further cloud Indonesia’s investment climate for mining. Watch for an announcement from the government the next few days on final policy decisions regarding exports and ownership.

Here’s to a barter in Jakarta.

ADVERTISEMENT

By Dave Forest

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News