JAKARTA: Indonesia wants to halt bauxite and copper ore exports in 2022 and 2023, respectively, in order to encourage downstream investments and exports of higher-value semi-finished and finished goods, according to Indonesian President Joko Widodo.
Aluminum is made primarily from bauxite ore, while copper concentrates are used to make precious metals such as gold and silver. These metals are heavily exported from Indonesia. According to the state news agency, the country mostly exports the two mineral commodities to Asian countries. Nickel ore exports were restricted in the Southeast Asian country on January 1, 2020.
Indonesia, the world's largest island nation, has banned a number of crude ore exports, including nickel, tin, and copper, in order to boost downstream businesses such as the production of electric vehicle batteries and the aluminium industry. The Indonesian government is currently conducting a feasibility study for the downstream of additional commodities, with the long-term goal of no longer selling only raw resources,
The world's leading nickel ore producer wants to encourage miners to build smelters and refine metal ore at home so that they may export higher-value goods.