Indonesia’s Mining Rules Halt Production

Reuters reported new mining export rules in Indonesia have cost the country an estimated $164 million a month in nickel and bauxite sales.

As quoted in the market news:

Indonesia in May asked all miners to submit plans to build local smelters or to process ore domestically by 2014, when a total ban on raw mineral exports kicks in, or otherwise face an immediate ban on raw ore exports. It also imposed a 20 percent tax on ore exports.

Click here to read the full Reuters report.