Indonesia's mining quota distribution has been delayed having reverted to an older approval process due to an ongoing investigation into illegal mining, a senior official said on Monday, assuring there was sufficient nickel ore for smelters. Prices of nickel ore in top global producer Indonesia have surged about 10% in recent weeks, local buyers say, with ore production affected by delayed quotas, known locally as RKAB.
Indonesia's mining quota distribution has been delayed having reverted to an older approval process due to an ongoing investigation into illegal mining, a senior official said on Monday, assuring there was sufficient nickel ore for smelters.
Indonesia's Attorney General's Office is investigating a former senior mining official, alleging his easing of a quota approval process led to illegal activities that caused 5.7-trillion rupiah of state losses. "The simplified approval process was considered problematic ... Rather than causing more problems, we reverted to the regulation,"Under the old system, 27 factors need to be reviewed for a quota to be approved, compared to nine under the relaxed process, Wafid said.
Dozens of nickel smelters in Indonesia have been rushing to stock up on ore fearing a shortage, pushing up prices of the material, according to a smelter manager, a nickel trader and Mysteel, a Chinese steel consultancy.
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