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Indonesia Sees Surge in Nickel Related Exports After Ban

Metal News - Published on Tue, 10 Sep 2019

Image Source: reuters.com
Reuters reported that Indonesia's ban on nickel ore exports could boost the country's earnings from the metal five-fold in the next five years through growth in industries such as stainless steel and battery materials. In a move that threatens to cut global supply, the world's top nickel miner said this week it would stop nickel ore exports from Jan. 1, 2020, two years earlier than initially indicated, to promote more domestic processing.

Mr Luhut Pandjaitan, a coordinating minister overseeing mining, said nickel-related export earnings will surge from last year's USD 5.8 billion, with investment in processing pouring into the nickel-rich region of Morowali in Central Sulawesi province. He said that "Now (exports) may be at USD 7.8 billion, in 2020 they will reach USD 12 billion and in 2024 they may exceed USD 30 billion, including exports of lithium batteries.”

Indonesian authorities have expressed hopes that nickel-related industries such as the production of stainless steel and battery materials will grow to become one of the country's main industries, overshadowing current top commodity palm oil in 10 to 15 years.

Source :

Posted By : Rabi Wangkhem on Tue, 10 Sep 2019
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