Indonesia has recently enacted MEMR Decree No.296.k/MB.01/MEM./2023, which pertains to delineating critical mineral commodities ("MEMR Decree 296/2023"). MEMR Decree 296/2023 stipulates the framework for classifying the essential minerals:
(i) minerals that serve as raw materials for national strategic
industries;
(ii) minerals that possess substantial economic value and national
security;
(iii) minerals characterized by heightened susceptibility to supply
disruption; and
(iv) minerals which have no feasible substitute.
These classifications serve as guidance for a diverse array of policy-related endeavors by the government, including but not limited to the governance of the industries, the formulation of benchmark selling prices, the imposition of domestic market obligations, and the enhancement of exploration activities. The roster of critical minerals, as designated within this framework, encompasses 47 distinct mineral entities. Among them, notable commodities include bauxite, lithium, nickel, copper, tin, and zircon.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.