Indonesia weighs on bauxite royalty rule changes on increased output from West Kalimantan
Indonesian government is weighing on the proposal of the bauxite-rich province of West Kalimantan for change in royalty rules after the recent increase in bauxite production.
According to a statement from the coordinating ministry for maritime affairs in charge of mining, the central government is in the process of revising regulations and a draft will soon be submitted to President Joko Widodo for approval. He has already approved some changes in the royalty rate as suggested by the West Kalimantan government.
The ministry however did not specify which regulations are being revised. Currently miners pay 3.75% of revenue from sales of bauxite to the government.
The West Kalimantan government asks for a larger share of revenue from bauxite, and some authority to handle a miner’s export permit as well as over the recalculation of the royalty rate for bauxite, Syarif Kamaruzaman, an assistant to the provincial secretary, said in the statement.
“We want the mining products to be an initial capital for our people so that when we run out of them, residents in the area can still have economic independence to start to develop businesses in other sectors,” Kamaruzaman said.
According to the statement, Indonesia’s bauxite production jumped 204% in the 18-month period that ended in June, much of which was mined in West Kalimantan province. Indonesia’s central bank data showed that the country exported 8.4 million tonnes of bauxite in January to July 2019, almost doubled from 4.4 million tonnes exported in the same period of 2018.
Though Indonesia stopped nickel ore exports from Jan. 1, 2020, it had kept the date for bauxite export ban unchanged for January 2022. However, authorities have been weighing on expediting the ban for bauxite and other ore exports.
source: ALCIRCLE.COM
Top News
Glencore in talks to sell Philippine copper smelting unit
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
India’s record gold import said to be due to calculation error
Norilsk Nickel plans to sell all it produces in 2025
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Norge Mining acquires Europe’s largest natural graphite producer
Mercuria partners with Zambia on metals trading venture
Aluminum price falls to one-month low in wider commodity slump
Lure of Anglo’s copper mines could test BHP’s spending resolve
Copper giant Peru foresees another production plateau in 2025
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Lure of Anglo’s copper mines could test BHP’s spending resolve
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
