Indonesia’s Ministry of Energy and Mineral Resources will officially implement a ban on raw mineral exports on June 10, 2023, but the exports for copper, iron ore, lead, zinc, and anode mud will be allowed until May 2024.

In spite of the ban on raw mineral exports, five companies, whose smelter construction progress rate is above 50%, are allowed by the government to continue exporting raw and processed minerals. The companies include PT Freeport Indonesia, PT Amman Mineral Industri, PT Sebuku Iron Lateritic Ores, PT Kapuas Prima Citra, and PT Kobar Lamandau Mineral, with separate physical progress of 54.52%, 51.63%, 89.79%, 100%, and 89.65%.

According to market participants, the export ban will affect state revenues and employment, and around IDR 200.7 trillion in losses will be brought out by the policy. For those companies that cannot export raw minerals after June 10, the government will provide them with opportunities to sell domestically.