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Indonesia Vows to Sanction Nickel Ore Purchases Below Floor Price

July 24, 2020, 11.27 PM

JAKARTA, – The Indonesian government called on mining and smelting companies to adhere to a floor price for nickel ore stipulated in the Energy and Mineral Resources Ministerial Regulation No. 11/2020.

Any companies that did not obey the mineral ore benchmark (HPM) will get a sanction from the government.

“The government will not take sides,” said Septian Hario Seto, deputy head for investment coordination and mining at the Coordinating Ministry for Maritime Affairs and Investment in a statement on July 23.

“We call on the mining and smelting companies to comply with the rules that have been set and agreed upon,” he added.

Also read: Recession-Hit Singapore Dominates Q2 FDI in Indonesia: BKPM

Seto said there are sanctions in place against companies that did not comply with regulations regarding HPM. The sanction can be in the form of warnings, temporary suspension of business activities or export cuts, to revocation of business licenses. This must be supported by all ministries and institutions, including the Ministry of Industry and the Ministry of Trade.

“If anyone fails to obey the rules, the government will impose strict sanctions from issuing written warnings, export cuts, and license revocation," he said.

This was conveyed after the government held a virtual coordination meeting on the implementation and supervision during the nickel ore transaction between the miners and smelters.

Attending the coordination meeting were officials from the Ministry of Maritime Affairs and Investment, the Ministry of Trade, the Ministry of Energy and Mineral Resources, the Ministry of Industry, the State-Owned Enterprises Ministry, and the Coordinating Investment Board.

(Writer: Ade Miranti Karunia | Editor: Yoga Sukmana)


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