JAKARTA, Jan 14 (Reuters) - Indonesia’s mining minister said on Saturday the amount of nickel ore and bauxite that can be exported by individual miners under the country’s new mining rules will be “comparable” to their smelter capacity.
Indonesia’s government faced a sharp industry backlash after it unveiled sweeping new rules on Thursday allowing the export of nickel ore and bauxite under certain conditions, as analysts said the move could flood global markets and wreck prices.
The regulation has been “misinterpreted”, Minister of Energy and Mineral Resources Ignasius Jonan told reporters.
Jonan also said the ministry received a letter from Freeport-McMoRan Inc on Friday stating its commitment to convert to a special mining permit, paving the way for the U.S. mining giant to continue exporting copper concentrates. (Reporting by Fergus Jensen; Writing by Eveline Danubrata)