China Nickel ore supply from Indonesia halted
Saturday, January 11 2014 - 02:08 AM WIB
Hong Kong-listed China Nickel Resources Holdings Company Limited announced on Friday that the export of unprocessed iron ore from its Indonesian supplier PT Yiwan Mining to its trading subsidiary SEA Mineral Limited will be suspended from January 12, 2014 in line with Indonesian government policy to ban export of unprocessed ores.
?Due to the suspension of unprocessed iron ore supply from Yiwan mentioned above, the ore trading business of the group will be interrupted and it is anticipated that this will have a negative impact on the financial and operating results of the group unless the export ban will be uplifted in future,? the company said without giving further detail.
Yiwan Mining operates an iron-nickel mine in Tanah Bumbu Regency, South Kalimantan.
SEA Minerals has exclusive offtake agreement with Yiwan Mining.
Editing by Reiner Simanjuntak