According to Coordinating Minister for Maritime Affairs Luhut Binsar Pandjaitan, although Indonesia is in top six bauxite reserves in the world, the country only exports it.
President Joko Widodo has recently directed to enhance processing so as to increase value for the processing industry, he said.
If bauxite is processed into various derivatives, the value can go up to 11 digits, and this potential has not been maximized yet.
The Indonesian government will consider accelerating an export ban on bauxite and other mineral items such as tin and alumina, among others, subject to the scale of investment, he revealed.
Under the current rules, exports of bauxite are allowed till January 11, 2022.
He encouraged the development of the bauxite processing industry to be accelerated. It includes PT Indonesia Asahan Aluminum in collaboration with PT Aneka Tambang Tbk via its subsidiary PT Borneo Alumina Indonesia (PT BAI) to build a bauxite-to-alumina plant in Mepawah, West Kalimantan.