Indonesia plans to cap production of 5 minerals
Indonesia’s government said it plans to cap the production of tin, copper, nickel, gold and iron ore, in an effort to extend mine life and control prices, according to Bambang Setiawan, director general of coal and mineral resources.
Indonesia, producing around one third of the tin in the global market, will limit production of tin to 90,000 tons a year. LME tin for three-month delivery hit a record high of US$25,500/ton in May.The move will also help global metal prices remain on an upward trend, and keeping the price from dropping due to oversupply.
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