Indonesia increases taxes on nickel, coal, copper, gold and other minerals, affecting nickel producers.

Indonesia has recently raised the tax rates on nickel, coal, copper, gold, and other mineral production, affecting some of the world's largest mining groups including Vale and Freeport-McMoRan. The tax rate on nickel will increase from a uniform 10% to 14% to 19%, depending on the price of the nickel metal. Indonesia is the world's largest producer of nickel, and nickel is a key component of stainless steel and electric vehicle batteries.