Indonesian Nickel Products Enter London Metal Exchange, Staff Of The Minister Of Energy And Mineral Resources Reveals A Number Of Advantages

Illustration (Photo: Doc. ANTARA)

JAKARTA - Indonesia's nickel products are known to have entered the world exchange, namely the London Metal Exchange (LME).

Special Staff to the Minister of Energy and Mineral Resources for the Acceleration of Industrial Development of the ESDM Sector Agus Tjahajana said that the entry of Indonesian nickel products into LME could be seen on two sides, namely companies and the government side.

From the company side, he said, if it has penetrated LME, the company has a number of advantages.

"If (in) LME certainly has many benefits, it is recognized by the world, it has better access to sources in the world such as investment and so on and is considered to have materials or goods produced with high standards," Agus said in the Mining Zone quoted Monday, June 10.

Agus said the process for a company to be able to penetrate LME was not easy because it had to meet a number of requirements.

"This is a positive side and I hope that there are other companies that are not only 1 and other formulations will follow," continued Agus.

Meanwhile, from the government side, Agus said, the government understands that previously it had received a lawsuit from the European Union over the ban on raw mineral exports, especially nickel, which was set to take effect from January 1, 2020.

With this, he said, the government can prove that the domestic industrialization or downstream policy is appropriate.

"From the beginning, only export ore is now a product that has added value and is recognized by the world," he added.

Based on his records, Agus said, currently there are 30 companies from all over the world that are included in the nickel exchange and are not easy to do

"To enter the institution, there are many procedures other than of course product quality because it will become a market for members and become a reference for all who have the same product," he concluded.

Just so you know, the London Metal Exchange (LME) has just approved the listing of the first processed nickel brand from Indonesia, code "DX-zwdx" at the end of last May.