Minister issues regulation on mineral reference price
Thursday, January 19 2017 - 03:13 AM WIB
Petromindo
Minister of Energy and Mineral Resources Ignasius Jonan has issued Ministerial Regulation No 7/2017 on reference price for mineral products (or also known as HPM).
The HPM policy is introduced after the government last week issued new Government Regulation No 1/2017 and the implementing ministerial regulations, which among others allow the export of low-grade nickel and washed bauxite.
The ministry via the Directorate General of Mineral and Coal will issue the HPM every month, similar to the HBA coal reference price. The HPM will be based on a number of international indices issued among others by London Metal Exchange, London Bullion Market Association, Asian Metal, and Indonesia Commodity and Derivatives Exchange.
Director General of Mineral and Coal Bambang Gatot Ariyono said on Wednesday that following the issuance of the ministerial regulation, the directorate will determine the formula for calculating the HPM. (*)