Reuters: Regulatory News: Indonesia to offer incentives to firms to help build smelters

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Indonesia to offer incentives to firms to help build smelters May 24th 2012, 10:15 JAKARTA | Thu May 24, 2012 6:15am EDT JAKARTA May 24 (Reuters) - Indonesia will offer financial incentives to help firms build smelters in compliance with new mining regulations, a senior finance ministry official said on Thursday. Under the regulations, Indonesia halted on May 6 the export of some unprocessed metals unless companies submitted plans to build smelters. The move is part of the government's drive to protect Indonesia's resources and increase state revenue, but has been criticised for creating uncertainty in the mining sector, which accounted for 12 percent of GDP in 2011.

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