Jokowi Wants to Halt Copper Exports, Mining Stocks Rise

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Adi Ahdiat 13/01/2023 19:00 WIB

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Earlier this week, President Jokowi expressed his intention to halt copper exports. Following this announcement, the share prices of several mining and mineral companies rose.

Weekly Percentage Increase in Share Prices of Mining and Mineral Issuers (January 9-13, 2023)

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Weekly Percentage Increase in Share Prices of Mining and Mineral Issuers (January 9-13, 2023)

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Early this week (January 10, 2023), President Jokowi announced plans to halt copper exports to boost the downstream processing of national mining commodities.

Following the announcement, the share prices of several metal and mineral mining issuers rose.

The biggest increase in the last week was achieved by PT Medco Energi Internasional Tbk (MEDC).

On Monday (January 9, 2023), MEDC's share price was still at Rp1,015. By the close of trading on Friday (January 13, 2023), it had risen 12.80% to Rp1,145.

During the same period, shares of PT J Resources Asia Pasifik Tbk (PSAB) strengthened by 5.98% from Rp117 to Rp124. PT Aneka Tambang Tbk (ANTM) rose by 4.37% from Rp2,060 to Rp2,150.

This was followed by PT Tembaga Mulia Semanan Tbk (TBMS), which increased by 3.17% from Rp1,575 to Rp1,625, and PT Merdeka Copper Gold Tbk (MDKA), which strengthened by 1.35% from Rp4,440 to Rp4,500.

According to Rizal Kasli, Chairman of the Indonesian Mining Experts Association (Perhapi), the development project of smelters and copper downstream processing has the potential to be supported by Chinese investors.

"It seems the investors are from China. Because they need a lot of (copper) to support industrialization," Rizal told Katadata.co.id on Thursday (January 12, 2023).

"China excels in several aspects such as funding and technology procurement, fully supported by its government. Our smelting technology is imported from China," said Rizal.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Jokowi Wants to Halt Copper Exports, Mining Stocks Rise

Jokowi Wants to Halt Copper Exports, Mining Stocks Rise

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Jokowi Wants to Halt Copper Exports, Mining Stocks Rise

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