Indonesia bans ore exports but miners can still export concentrates

|By:, SA News Editor

Indonesia clarifies its mineral export ban, closing the door on the export of ores but allowing the export of six forms of concentrate that will permit some of the country's biggest foreign miners to continue operations.

The finance minister says miners can pay special taxes to be able to export copper, iron ore, manganese, lead, zinc and ilmenite for the next three years as long as they meet minimum purity levels, meaning Freeport McMoRan (FCX -0.7%) and Newmont Mining (NEM -0.6%) can continue to export from their huge copper mines in the country but with a 20% tax.