Indonesia Will Ban Raw Nickel Exports

Bloomberg reported Indonesia will proceed with a plan to ban exports of unprocessed metal ores including nickel while confirming an exemption for producers that intend to treat output locally.

As quoted in the market news:

The largest nickel-ore and bauxite supplier to China announced the prohibition in February, two years ahead of schedule, to increase the value of shipments. The new rules apply to holders of so-called Mining Business Licenses issued after 2009, and companies with a so-called Contract of Work, including Phoenix-basedFreeport-McMoRan Copper & Gold Inc. (FCX) andNewmont Mining Corp. (NEM), will be allowed to ship ores until 2014.

Click here to read the full Bloomberg report.