Rusal CEO says mineral export ban will benefit Indonesia

|By:, SA News Editor

The world's largest aluminum producer, Rusal, says it accepts Indonesia's controversial move to restrict the export of mineral ores and will build a refinery to comply with the country's new laws.

The laws have raised concerns among global miners, but Rusal CEO Oleg Deripaska says Indonesia's stable economy enables the country to make the transition from mining to higher value processing.

Freeport McMoRan (FCX) and Newmont Mining (NEM) say the obligation to process copper with higher purity levels is economically unfeasible and see the export tax on copper concentrates as in breach of their contracts with the government.