Jakarta On August 18, Indonesian Investment and Investment Coordinating Minister Lu Hute announced the establishment of the Indonesian Ocean and Investment Coordinating Minister Decree No. 10 of 2020 and leading the benchmark price task force to supervise Indonesia's domestic nickel ore transactions.
The decree mainly stipulates that, firstly, the establishment of a nickel ore benchmark price task force. The second task force will supervise whether nickel ore transactions between smelter companies and mining companies meet the benchmark price requirements, and supervise the activities of nickel ore traders to prevent traders from causing disadvantages to smelting companies or mining companies.
Third, smelting companies and mining companies must submit quarterly nickel ore transaction reports to the task force every three months. Fourth, the task force reports to the Indonesian Ministry of Oceans and Investment Coordination, the Ministry of Energy and Mines, and the Ministry of Industry for its supervision work, and knows that the relevant departments will be punished for any violation of the regulations.
Fifth, the Director of Mining Investment of the Indonesian Ministry of Oceans and Investment Coordination serves as the team leader. The members of the task force are composed of the Ministry of Energy and Mines, the Ministry of Industry, the Ministry of Commerce, and the Ocean and Investment Coordination Department. Sixth, the expenses caused by the work activities of the task force are borne by the Indonesian Ocean and Investment Coordination Department.
