Miners in Indonesia are warning of lower profits and output cuts after the government increased the royalties it levies on one of the country’s biggest export industries.
In a move affecting some of the world’s largest mining groups, including Vale and Freeport-McMoRan, Jakarta at the weekend raised rates for royalties applied to the production of nickel, coal, copper, gold and other minerals. The increases come as the fiscally strained government seeks to raise revenues to fund ambitious spending plans.
Nickel will have one of the biggest increases, with the levy rising from a flat 10 per cent rate to a range of 14 to 19 per cent, depending on the price of the metal.
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