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Indonesia, among the world’s biggest suppliers of natural resources, halted all mineral ore exports yesterday to try to promote domestic processing in a move that threatens nickel and bauxite industries worth more than US$2 billion in ann

rual shipments.

Halting exports of nickel ore could spark the biggest shake-up in the global nickel trade in more than five years, with Chinese stainless-steel factories that make everything from kitchenware to cars and buildings set to hurt the most.

In one of his most far-reaching economic policy decisions since taking office nearly 10 years ago, President Susilo Bambang Yudhoyono approved the mineral ore export ban.

But in last-minute changes at the weekend, he diluted it to allow exports of copper, iron ore, lead and zinc concentrates to continue, giving a reprieve to United States mining giants Freeport McMoRan Copper & Gold and Newmont Mining, which together produce 97 per cent of Indonesia’s copper.

No such relief was offered to the nickel and bauxite industries, clouding the future for state-owned nickel miner Perusahaan Perseroan Aneka Tambang (Antam) and hundreds of other smaller miners.

Read more at: http://www.scmp.com/business/commodities/article/1403773/ore-ban-threatens-chinese-factories