A Blog for Browsing Mining, Mineral Processing, and Metals Info

Feb 18 (Reuters) – Buying interest from Indian and Japanese smelters for spot shipments of copper concentrate has picked up in recent weeks on growing jitters that an impasse over Indonesian supply may be drawn out, traders said.

Indonesia in mid-January slapped a new tax regime on exports of copper concentrate as part of a strategy to boost value from its mineral wealth. Export taxes are set rise to 60 percent by the end of 2016, before a complete ban from 2017.

Read more at: http://www.reuters.com/article/2014/02/18/copper-tc-rcs-idUSL5N0LH1EU20140218

Indonesia does not expect to approve any export permits for mineral concentrates until next month at the earliest, a senior government official said on Monday, keeping one of the world’s biggest mining industries at a standstill.

Around $500 million worth of copper concentrate, nickel ore, iron ore, bauxite and other mineral exports have ground to a halt due to confusion over the implementation of Indonesia’s controversial mineral export ban on Jan. 12.

There are concerns a prolonged halt in mineral ore and concentrate exports could cause the current account deficit to blow out again, after narrowing to 1.98 percent of gross domestic product in the fourth quarter.

The G20 economy is among the most vulnerable to the risk of outflows due to its current account deficit, which hit a record of 4.4 percent of GDP in the second quarter of 2013.

Read more at: http://www.mineweb.com/mineweb/content/en/mineweb-political-economy?oid=229373&sn=Detail

Indonesia’s PT Indosmelt plans an initial public offering (IPO) by the end of 2015 to raise about $500 million to build a gold refinery, its president director said on Monday.

The company will sell a stake of up to 49 percent to the public and Kresna Sekuritas will be the underwriter, Natsir Mansyur told reporters.

The gold refinery, which is targeted to have a production capacity of 20 tonnes per annum, will be part of a $1.5 billion copper and gold project in South Sulawesi. A consortium of local and foreign banks will provide some financing.

Read more at: http://www.mineweb.com/mineweb/content/en/mineweb-gold-news?oid=229437&sn=Detail

CHINA imported historically high quantities of uranium last year, apparently pre-purchasing at low prices before the commissioning of new nuclear plants.

Read more at: http://www.theaustralian.com.au/news/china-stockpiles-cheap-uranium-as-severe-shortage-is-anticipated/story-e6frg6n6-1226828750759#

The world’s second-biggest mining firm, Rio Tinto, has raised its dividend after higher iron ore prices and cost-cutting helped return it to profit.

The London-based company is increasing its annual payout to shareholders by 15% to $1.92 per share, beating analyst estimates for $1.81 per share.

Read more at: http://www.bbc.co.uk/news/business-26166915

Jakarta-listed nickel miner Vale Indonesia expects flat growth in its nickel production this year amid uncertainty in the negotiation of its contracts with the government.

According to figures presented to the House of Representatives Commission VII overseeing energy on Wednesday, Vale Indonesia — the local unit of Brazilian mining giant Vale — expected to produce 79,691 tons of nickel (TNi) this year, almost the same as company’s 2013 production target of 79,552 TNi.

Read more at: http://www.thejakartapost.com/news/2014/02/13/vale-expects-no-increase-nickel-output.html

Ibris Nickel has not made a shipment from its remote mine in Indonesia’s Southeast Sulawesi for six weeks and is bleeding $12 million a month, one of hundreds of small miners squeezed by a controversial mineral export ban imposed last month.

The problems at privately owned Ibris illustrate one of several headwinds facing Indonesia, Southeast Asia’s biggest economy, despite a spate of surprisingly strong economic data.

Indonesia is not only confronting a mining crisis, but also the delayed effects of the central bank’s aggressive monetary tightening, political uncertainty in an election year, a slowdown in China, and the tapering of U.S. monetary stimulus.

Read more at: http://www.cnbc.com/id/101408957

Indonesia named the US-educated former head of its investment agency, Muhammad Lutfi, as trade minister on Wednesday, with the government entering its last few months before a presidential election set for July.

Lutfi takes on the job as worries remain over the country’s trade position. Though the current account deficit appears to be narrowing, a number of economists said there is a risk it could start to widen again following January’s ban on unprocessed mineral exports.

Read more at: http://gulftoday.ae/portal/5892a933-25d6-4887-9688-8d1653555015.aspx

Prices of nickel ore and nickel pig iron in China are set to rise further in coming weeks, Macquarie Commodities Research forecast Tuesday in a report. Both markets have seen prices increase since the week-long Lunar New Year holiday in China ended last Thursday, based on data from Chinese metals research firm Shanghai Metals Market, Macquarie said in the report.

SMM put the prevailing price of 1.8-1.9% Ni ore at Yuan 415/mt ($68/mt), up Yuan 10/mt from before the holiday, Macquarie said.

Read more at: http://www.platts.com/latest-news/metals/singapore/chinas-nickel-ore-pig-iron-prices-to-rise-further-27919992