Indonesia's President Joko Widodo will soon announce new policies to ban exports of raw copper, Kallanish learns

During the recently held Mandiri Investment Forum, the country's largest annual investment forum, the president said: "I will soon announce another copper stop this year."

He said his decision was based on the construction progress of a smelter owned by PT Freeport Indonesia in Gresik, East Java, as well as other similar facilities being built in West Nusa Tenggara (NTB). PT Freeport Indonesia is a leading copper exploration, mining, and processing company in this country. 

He added: "Indonesia now owns the majority of PT Freeport Indonesia."

He also allowed banks to facilitate credit loans for smelter construction projects.

President Widodo claimed he will continue the fight to defend the country's interests related to raw materials including nickel, copper, and bauxite. He hopes the country can build integrated systems and become a large producer for electric vehicles and power batteries in order to make products of much higher added value rather than only exporting raw materials. 

"If we maintain this level of momentum, our country is likely to become the largest EV producer in 2027-2028," President Widodo says.

In January, PT Freeport Indonesia's ceo Tony Wenas predicted the company's copper ore production will be about 1.6 billion pounds (725,748 tonnes) in 2023, almost the same as the previous year.