Home / Metal News / The Ban will Not Stop Exports of Key Raw Minerals Copper, Zinc, Iron Ore from Indonesia, But Bauxite Shipments will Stop in June

The Ban will Not Stop Exports of Key Raw Minerals Copper, Zinc, Iron Ore from Indonesia, But Bauxite Shipments will Stop in June

iconMay 26, 2023 17:45
According to foreign news on May 24, the Indonesian mining minister told parliament on Wednesday that although the export ban will be implemented in June, Indonesia will allow the export of some raw ore to continue.

According to foreign news on May 24, the Indonesian mining minister told parliament on Wednesday that although the export ban will be implemented in June, Indonesia will allow the export of some raw ore to continue.

The resource-rich country had planned to ban all metal ore exports to encourage investment in domestic processing industries.

But exports of copper, iron ore, lead, zinc and anode mud from copper concentrates will be allowed until smelters, many of which were delayed by the pandemic, are ready to handle the materials, said Energy and Mineral Resources Minister Arifin Tasrif.

He said a premature ban on the export of these materials would cost the country revenue and employment.

Companies whose smelters were 50% complete in January will be allowed to continue exporting and they will be required to pay export duties, Arifin said.

Indonesian authorities said they would exempt copper miners Freeport Indonesia and Nusa Tenggara Amman Mining from the ban as their smelter developments were also delayed by the outbreak.

However, exports of bauxite will stop in June, Arifin said, as the four existing smelters can absorb the ore that was intended to be exported.

“By optimizing processing at these four smelters, there will be an additional $1.9 billion in export value ... so the government will still see a net gain,” he said.

He likewise noted that seven of the eight bauxite processing plants currently under construction were found to be "open area only", although progress reports from these companies stated that they were 66% complete.

Indonesia's ban on nickel exports in 2022 has rattled global markets.

But the ban has led to an influx of investment, helping to boost the value of the country's exports.

More popular news:

'Bond King' Jeffrey Gundlach Says Sharp Fed Rate Cuts By Year-End Will Push Up Gold Prices

Copper Shortage Is Irreparable Even after Biggest Mergers and Acquisitions, Here’s Why

Rio Tinto Warns of Risks for Paying High Premiums for Lithium Mines after Plunging Lithium Prices Triggered Acquisition Rush

Goldman Sachs Lowers Price Forecast for Aluminium, Copper in 2023, Sees Nickel Price Plunging

Zinc Prices to Plunge by 2025, Here's Why

World Bank: Global Commodity Prices to Plunge Precipitously This Year at Fastest Speed since Covid Outbreak

G7 to Expand Sanctions Covering Metals on Russia, Promises Further Support for Ukraine

Citigroup Warns European Commercial Real Estate Values Will Plummet 40%, But Sees Medium-Term Opportunity

IMF: US Debt Defaults Will Take a Heavy Toll on Global Economy, Global GDP Growth Can Plunge

Goldman Sachs Warns of Serious Risks US Dollar Will Lose Reserve Currency Status on Debt Ceiling Standoff

BofA Sharply Lowers Forecast for Oil Price, Global Oil Consumption in 2023

UBS Raises China GDP Growth Forecast, Sees Earnings from China Stock Market Soaring, RMB Appreciating

Global Aluminium Inventory to Plunge Further amid Supply Headwinds, LME Aluminium Prices to React Fast

Takeaways of Warren Buffett and Berkshire Hathaway’s 2023 Annual Meeting

High Lithium Ore Prices in Australia will Drive Lithium Prices Rebound, Reasons Prevent Output to Grow

Sharp Output Cuts Led to Lithium Ore Shortages, High Import Prices Drove Lithium Salt Producers to Shut Down

US Treasury Bill Rates Soar to Record High on Debt Ceiling Jitters

No Other Country can Replace China's Manufacturing Industry Including India

SMM Daily Comments (May 9): Most LME Base Metals Closed Lower, SHFE Nickel Prices Plunge, Ferrous Metals Mostly Rose

SMM Daily Comments (May 12): SHFE Base Metals and Silver Prices Crashed, Most LME Base Metals Prices Went Down, Oil Posted 3-Day Losing Streak

SMM Daily Comments (May 16): Most Base Metals Prices Closed with Losses, SHFE Nickel, Stainless Steel Plunge, Oil Gained on G7 New Measures, US Strategic Petroleum Reserve Replenishment and Supply Concerns

SMM Daily Comments (May 17): Most Metals prices Rose, Ferrous Metals Jumped with Coking Coal soaring 3.29%,Oil Went Down on Surprise Inventory Growth, Poor China Economic Data and IEA Doubt on Russia Cheating on Output Cuts

SMM Daily Comments (May 22): Metals Prices Mostly Fell, Zinc Plunged to over 2-Year Low, Coke Slumped, Fears over US Debt Ceiling and China Demand Structural Issues Weigh on Oil

A Bull Gold Market Has Just Begun 

Fitch Ratings Raises Saudi Arabia IDR, Says World Bank Reason and High Dependence on Oil Remain a Weakness for the Country's Rating

Global Key Base Metals Face Supply Glut, Severe Oversupply for Aluminium, But There Is a Global Copper Shortage

Buffett Talks about Banking Crisis and Bank Stocks He Bought, Munger Warned Commercial Real Estate: the City Will Be Seriously Hollowed Out

Market forecast
Policy

For queries, please contact Michael Jiang at michaeljiang@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news