Miner seeks new contracts after relaxation of mineral ores export

By Bambang Atmaja

Deputy Trade Minister Bayu Krisnamurthi said that mineral ores export from the country is expected to increase starting next month as miners are seeking new contracts with buyers following the latest government move to lift export quota on mineral ores.

?I think many miners are trying to up new contracts with buyers,? he told Petromindo.com Wednesday, but fell short of predicting the increase in the value of mineral ores export.

The government on August 23 unveiled fiscal measures to help deal with the current widening of the country?s current account deficit among others by lifting the export quota on mineral ores which had been imposed since May 2012. However, the 20 percent export tax remains in place. The relaxation policy is expected to be applied for a four-month period, as the government remains firm on banning mineral ores export in 2014 to help generate greater value added by requiring the raw minerals to be processed and refined first at home.

Editing by Reiner Simanjuntak