RI proposes nickel cartel
Thursday, October 20 2016 - 07:40 AM WIB
Indonesia, a major nickel producer in the world, is seeking to form a cartel similar to the Oil Petroleum Exporting Countries (OPEC) to help influence global price of the commodity.
Luhut Panjaitan, Coordinating Minister for Maritime Affairs, which among others oversees the Ministry of Energy and Mineral Resources, said on Thursday he has asked the Indonesian Minister of Energy and Mineral Resources Ignasius Jonan to discuss the plan with his counterpart from another major nickel producer the Philippines.
?I have asked Pak Jonan to communicate (the plan) with the mining minister in the Philippines,? he told reporters.
He said that Indonesia and the Philippines control about 60 percent of global nickel reserves, and thus should be able to influence global price of the commodity, instead of the price being determined at the London Metal Exchange.
Editing by Reiner Simanjuntak