Indonesia may impose a new tax on exports to limit shipments and help boost prices, Deputy Trade Minister Bayu Krisnamurthi told Bloomberg. The government wants to extend the life of mines, Krisnamurthi told reporters in Jakarta today. “Tin is a mining product and will eventually run out if we keep producing it without any controls,” he said.
Since 2007, exporters have been required to pay a 3% royalty on exports of refined metal. Trade ministry data shows that 80,917 tonnes of tin was checked prior to export in the first eleven months of 2011, down 4.5% on the corresponding period of 2010. The ministry may release December and full year figures next week.