Indonesia June Exports of Nickel, Copper Ore Slump - Govt-Shanghai Metals Market

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Indonesia June Exports of Nickel, Copper Ore Slump - Govt

Industry News 09:45:56AM Jul 25, 2012 Source:SMM

JAKARTA, July 24 (Reuters) - Indonesia's June exports of nickel and copper ores and concentrates slumped up to 90 percent, trade ministry data said on Tuesday, showing that new government mining rules have hurt shipments from a major metals supplier to China.

Exports of nickel ore, a raw material used in the production of stainless steel, dropped to 572,106 tonnes in June, down 80 percent from 2,851,924 tonnes in May, the data showed.

Copper ore and concentrate exports fell to 20,000 tonnes, down 90 percent from 193,941 in May.

The slump comes after Indonesia ruled in May that all miners needed to submit plans to build local smelters or to process ore domestically by 2014, when a total ban on raw mineral exports kicks in. It also imposed a 20 percent tax on ore exports.

The country is home to the world's second largest copper mine, run by Freeport McMoRan Copper & Gold.
 

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SMM #1 Nickel
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123800.0
-1150.0
(-0.92%)
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124450.0
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123175.0
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1350.0
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100.0
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(-20.00%)

Indonesia June Exports of Nickel, Copper Ore Slump - Govt

Industry News 09:45:56AM Jul 25, 2012 Source:SMM

JAKARTA, July 24 (Reuters) - Indonesia's June exports of nickel and copper ores and concentrates slumped up to 90 percent, trade ministry data said on Tuesday, showing that new government mining rules have hurt shipments from a major metals supplier to China.

Exports of nickel ore, a raw material used in the production of stainless steel, dropped to 572,106 tonnes in June, down 80 percent from 2,851,924 tonnes in May, the data showed.

Copper ore and concentrate exports fell to 20,000 tonnes, down 90 percent from 193,941 in May.

The slump comes after Indonesia ruled in May that all miners needed to submit plans to build local smelters or to process ore domestically by 2014, when a total ban on raw mineral exports kicks in. It also imposed a 20 percent tax on ore exports.

The country is home to the world's second largest copper mine, run by Freeport McMoRan Copper & Gold.