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Economy in brief: Amman Mineral given lower export quota
Gold and copper mining firm PT Amman Mineral Nusa Tenggara has obtained a quota to export 450,826 wet metric tons (wmt) of copper concentrate until February 2019
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old and copper mining firm PT Amman Mineral Nusa Tenggara has obtained a quota to export 450,826 wet metric tons (wmt) of copper concentrate until February 2019.
That figure marks a decrease of 33.2 percent from the previous one-year quota of 675,000 wmt, of which 83.8 percent had been realized by the end of January.
Since early 2017, the Energy and Mineral Resources Ministry has allowed miners to export certain mining commodities in return for their commitment to build smelters by 2022.
Amman, a subsidiary of publicly listed energy firm PT Medco Energi Internasional, is eligible for the export permit as it has pledged to develop a copper smelter with an input capacity of at least 660,000 wmt in Sumbawa, West Nusa Tenggara.
Bambang Susigit, the Energy and Mineral Resources Ministry’s minerals business supervision director, said work on Amman’s new smelter had progressed to 10.1 percent of completion over the past six months, slightly surpassing the target of 9 percent.
“Hence, we have agreed to issue an export permit recommendation for Amman with a quota of 450,826 wmt,” Bambang told The Jakarta Post on Thursday.
He said, with that recommendation, Amman would be able to submit a proposal to the Trade Ministry to get a new export permit that would be valid until February 2019.
“The Trade Ministry might be able to issue the export permit Monday or Tuesday,” Bambang said.
