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Jakarta Post

Smelters buying nickel ore below floor price will get sanction: ESDM Ministry

  • News Desk

    The Jakarta Post

Jakarta   /   Sun, March 1, 2020   /  02:31 pm
The Jakarta Post Image
Investment Coordinating Board (BKPM) chairman Bahlil Lahadalia, together with representatives from the Indonesian Nickel Mining Association (APNI) and the Processing and Smelting Companies Association (AP3I), chats after a meeting on nickel ore exports in Jakarta in September 2019.(The Jakarta Post/Adrian Wail Akhlas)

The Energy and Mineral Resources (ESDM) Ministry will issue a new regulation later in March to set up a floor price for nickel ore to ensure fair business practices in the domestic nickel market following the introduction of the nickel ore export ban in January of this year. The ministry’s mineral business development director Yunus Saefulhak said that all smelting companies should adhere to the floor price, which is to be set and regularly adjusted by the government based on prices on the international market and the operating costs of local miners. He said the floor price would be monitored closely and smelting companies that did not obey it would receive a sanction from the ministry. The government, through Energy and Mineral Resources Ministerial Regulation No. 11/2019, pushed the nickel ore export ban forward to January 2020, two years earlier than the date set by Min...