MOSCOW (Pakistan Point News / Sputnik - 13th January, 2023) Indonesia will stop exporting copper ore this year to increase domestic processing of the metal and boost exports of processed products, Indonesian President Joko Widodo said on Friday.
Indonesia prohibited exports of its nickel ore on January 1, 2020. The ban was considered illegal by the World Trade Organization (WTO) and the EU, since nickel is used in stainless steel production involving thousands of workers throughout the world. In December, Widodo also announced that the country would stop exports of bauxite ore starting mid-2023 to boost domestic processing.
"We have not given up after losing in the WTO on the nickel issue. We will go even further than just banning bauxite exports. In the middle of the year, we will stop exports of copper ore," Widodo was quoted as saying by Detik news outlet.
According to Detik, the president plans to ban exports of raw ore in an effort to get more added value for processed minerals and increase profits from their exports.
At the same time, Indonesian Investment Minister Bahlil Lahadalia noted that the country also intended to put restrictions on building nickel plants so as to focus more on green industry.
"Restricting building of plants is a form of the government's care for developing products focused on green energy and green industry," the minister was quoted by Detik as saying.
In October, Lahadalia said that the country was looking into the possibility of establishing a cartel, similar to the Organization of the Petroleum Exporting Countries (OPEC), for nickel and other key metals. The goal of such a cartel would be to protect the country's metal industry and economy, according to the minister.
