President Joko ‘Jokowi’ Widodo has on April 11 signed Government Regulation No. 15/2022 about tax and non-tax revenues from coal mining business. This regulation, however, applies only for coal miners operating under the Special Mining Business Permit (IUPK), which replaces the old Coal Contract of Work (CCoW).

So, the Attorney General’s Office (AGO) named executives from three palm oil giants—-Wilmar Group, Musim Mas, and Permata Hijau—-corruption suspects related to the so-called illegitimate export of palm oil and derivatives. Director general of international trade at ministry of trade is another suspect, accusing him of conspiracy.

Nickel ended flat at US$32,510 per ton in LME Tuesday (Apr 12), but most maintain bullish outlook on the commodity thanks to strong demand from both stainless steel and electric vehicle (EV) battery industry. Reports from various countries suggested unstoppable growth of EV adoption. 

Shares of Adaro Minerals (ADMR), a metallurgical coal producer, jumped 15.3% to Rp2,790 on Friday (April 8), a record high. At the last quoted price, ADMR has market capitalization of Rp114 trillion, bigger than its parent Adaro Energy (ADRO)—-Rp102 trillion. Pretty much like Indofood CBP Sukses Makmur (ICBP), which is bigger (Rp87 trillion) than its parent Indofood Sukses Makmur (INDF) at Rp54 trillion. 

Nickel was last traded at US$32,575 per ton on the London Metal Exchange (LME). The commodity has been consolidating in recent weeks following a chaotic trading, which brought nickel briefly above US$100,000 per ton. Still, the last quoted price reflected more than 100% hike from average price last year, which should benefit Indonesian economy.