Indonesia's Ministry is trying to address delays in approving new mining volume quotas, an official at the Energy and Mineral Resources Ministry said on Monday.
Indonesia’s mining industry holding company, MIND ID, agreed on Monday to acquire a 14% stake in Vale Indonesia from Vale Canada and Japan’s Sumitomo Metal Mining, to become the top shareholder at one of the country’s largest nickel miners.
Nickel, which had steadily gained this week in anticipation of the sanctions news, pared an earlier advance of as much as 1.2% to trade just 0.3% higher.
Glencore Plc-backed Horizonte Minerals Plc is warning that it needs a whole new financing package to restart a nickel project in northern Brazil after a review revealed the mine will cost 87% more than thought.