Five months before the expiration of the current government, newly appointed Coordinating Economic Minister Chairul Tanjung will prioritize a review on the recent ore export ban after it apparently contributed to lower economic growth in the first quarter (Q1).

Chairul, also chairman of the President's National Economic Committee (KEN), has pledged to settle protracted contract negotiations with several giant miners.

'Our economic growth was disrupted by weak exports as an impact of the ban. I will definitely review the policy under a broader context, not just from a short term perspective,' he said.

'We should find a new solution. If not, we will be trapped in a 'business as usual' attitude that won't move us forward,' he said at the State Palace after his appointment on Friday.

The economy grew at the lowest quarterly level in almost five years at 5.2 percent in Q1, compared to 5.7 percent the previous one.

The government's ban on raw ore exports in January, as mandated by the 2009 Mining Law, has weakened already slumping exports due to sluggish overseas demand. Exports contribute more than 20 percent to economic growth.

Chairul also said he would promote business certainty by ensuring a settlement in contract negotiations with, among other firms, local units of US miners Freeport-McMoRan Copper & Gold Inc., Newmont Mining Corp. and Brazil-based Vale SA.

Chairul's predecessor Hatta Rajasa ' who resigned on Wednesday amid speculation he will be the running mate of presidential hopeful Prabowo Subianto ' led the government's team to negotiate mining contracts and to set export duties for mineral products.

'On Monday, I will lead a series of meetings with other ministers. In one or two weeks I expect to see everything clearly and will consult with the President regarding the prescribed policies,' said Chairul.

Indonesian Mining Association deputy chairman Tony Wenas welcomed Chairul's appointment, saying that he was the right man in the right place, given his background as a tycoon who had already learned the ropes.

'We're hoping he will settle all the impending issues within the remaining five months,' Tony said.

Listed as one of the country's richest men, Chairul controls CT Corp., whose portfolio includes mid-size Bank Mega, TransTV and Trans7 television stations and businesses in the power sector. The group is also local partner of French retailer Carrefour.

Chairul said he would leave all positions in his group 'to avoid a conflict of interest'.

He also affirmed that he would not remain in the Cabinet under the next administration.

Aside from mining, Chairul said his utmost priority was to tame inflation and ensure the flow of food and goods during Ramadhan and the Idul Fitri holiday in July.

He would also try to ensure the government met its tax revenue target in order to keep the state budget deficit below 2.5 percent.

Chairul also said he would consult with Yudhoyono over the need for the government to raise fuel prices by cutting whopping subsidies.

'It's a strategic policy that will need to be thoroughly consulted with the President,' he said.

Chairul had turned down Yudhoyono twice to become minister in 2004 and 2009.

'However, I was forced to take this position because over the next five months everybody will be busy with the presidential and vice presidential candidates, and no one will focus on the economy. That's why I took the job,' he said.

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