Indonesian authorities seize lands from miners for lacking forestry permits [Yahoo! Finance]
ERAMET SA UNSP/ADR (ERMAY)
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Source: Yahoo! Finance
This move, which has impacted nickel prices, highlights the government's efforts to regulate mining activities. The taskforce identified more than 4.2 million hectares (ha) operated by 51 companies as lacking appropriate forestry approvals, reported Reuters Indonesia is the largest producer of nickel products in the world. Following the crackdown by the country's taskforce on the alleged illegal exploitation of natural resources, the benchmark three-month nickel price on the London Metal Exchange rose by 1.32% to $15,350 per tonne as of 8.01am GMT. A 148ha area at PT Weda Bay Nickel's concession was seized for lacking a necessary forestry licence, according to Mining Ministry official Rilke Jeffri Huwae. "They have the mining permit, but they don't have the borrow-to-use permit for the forest," Rilke stated. Weda Bay Nickel is controlled by Tsingshan Holding Group, Eramet and Aneka Tambang. PT Weda Bay Nickel is seeking clarification from the taskforce, according to a compa
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