This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-25708346

The article has changed 3 times. There is an RSS feed of changes available.

Version 1 Version 2
Indonesia's hotly-contested mineral ban takes effect Indonesia's hotly-contested mineral ban takes effect
(35 minutes 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 ban is aimed at boosting local mineral processing to keep a greater share of mining profits in Indonesia.
Critics have claimed the ban will lead to mass-layoffs and worsen the country's widening trade deficit. But critics have claimed it 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.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 revenuesMining revenues
The ban on mineral ore exports is aimed at keeping a greater share of the mining profits in Indonesia. 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.
The government hopes the move will boost local mineral processing and attract investment for the refining and output of higher-value metal products. The decision to give concessions is aimed at easing disruptions to the country's mining industry, following strong opposition to the initial proposal.
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 government hopes the ban on export of raw minerals will boost local processing and attract investment for the refining and output of higher-value metal products.
The Indonesian Chamber of Commerce and Industry has also warned as many as 800,000 jobs might be at risk from the mineral ban. However, economists have said 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 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.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.Shares of some Australian mining companies also rallied as investors bet that they would benefit from increased production demand following the ban.