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| Indonesia's hotly-contested mineral ban takes effect | Indonesia's hotly-contested mineral ban takes effect |
| (about 3 hours later) | |
| Indonesia has pushed through a hotly-contested ban on raw minerals exports after making last-minute concessions for the country's two biggest miners. | Indonesia has pushed through a hotly-contested ban on raw minerals exports after making last-minute concessions for the country's two biggest miners. |
| US mining giants Freeport-McMoRan and Newmont will temporarily be exempt from the ban, which took effect on Sunday. | US mining giants Freeport-McMoRan and Newmont will temporarily be exempt from the ban, which took effect on Sunday. |
| The decision is aimed at easing disruptions to the country's mining industry, following strong opposition. | The decision is aimed at easing disruptions to the country's mining industry, following strong opposition. |
| Critics have claimed the ban will lead to mass-layoffs and worsen the country's widening trade deficit. | Critics have claimed the ban will lead to mass-layoffs and worsen the country's widening trade deficit. |
| However, Jero Wacik, Indonesia's energy and mineral resources minister, said the rules were aimed at enhancing the value of Indonesia's mining industry. | |
| "We want to avoid mass layoffs," Mr Wacik said. "We also want to keep companies that are already or planning to process ore to continue their operations." | "We want to avoid mass layoffs," Mr Wacik said. "We also want to keep companies that are already or planning to process ore to continue their operations." |
| Government ministers had met for 11th-hour meetings on Sunday, before handing the watered-down legislation - first introduced in 2009 - to Indonesia's President Susilo Bambang Yudhoyono for signing. | |
| Mining revenues | Mining revenues |
| The ban on mineral ore exports is aimed at keeping a greater share of the mining profits in Indonesia. | The ban on mineral ore exports is aimed at keeping a greater share of the mining profits in Indonesia. |
| The government hopes the move will boost local mineral processing and attract investment for the refining and output of higher-value metal products. | The government hopes the move will boost local mineral processing and attract investment for the refining and output of higher-value metal products. |
| However, economists have warned that the rule could have a harmful effect on the economy by wiping out billions of dollars in export revenue. | However, economists have warned that the rule could have a harmful effect on the economy by wiping out billions of dollars in export revenue. |
| The Indonesian Chamber of Commerce and Industry has also warned as many as 800,000 jobs might be at risk from the mineral ban. | The Indonesian Chamber of Commerce and Industry has also warned as many as 800,000 jobs might be at risk from the mineral ban. |
| Indonesia is one of the world's biggest producers of copper, nickel and aluminium. | Indonesia is one of the world's biggest producers of copper, nickel and aluminium. |
| Metal prices, nickel in particular, rose sharply on Monday on speculation the ban may cause a supply squeeze. | |
| Shares of some Australian mining companies also rallied as investors bet that they would benefit from increased production demand following the ban. |