JAKARTA (Yosefardi) – Investors focused buying shares of nickel producer PT Vale Indonesia Tbk (INCO) this morning, then the stock jumped 7.22% to Rp2600 per share.
INCO had on Monday (Jan 13), gained 5.43% following the government’s policy on mineral ore export ban. Other mining stocks also gaining such as Citatah (6.35%), Aneka Tambang (0.51%), and Timah (+1.1%)
Vale Indonesia and Timah should be benefited because they produce refined nickel and tins respectively, while international price for both commodities might be lifted because of zero export of nickel and tin ores to smelters in China and Japan.
Aneka Tambang will also benefited from export of chemical grade alumina (CGA) and zero export of bauxite ores from Indonesia miners, but the company’s nickel ore export, which generates substantial portion of its revenues, shall be affected.
Minister of Finance has issued regulation about export tax of minerals exported pursuant to the new mineral policy. In principle, the government applies progressive export tax rate from 20-25% in 2014 to 60% in second half of 2017.