JAKARTA, May 11 (Xinhua) -- Indonesia's Energy and Mineral Resources Minister Bahlil Lahadalia said here on Monday that the country has postponed plans to increase mining royalties for key metals, including copper, tin, nickel, gold, and silver.

This photo taken on Sept. 21, 2022 shows the exterior view of the Nickel Industry Museum in Indonesia Morowali Industrial Park, Central Sulawesi, Indonesia. (Photo: Xinhua)

"After hearing input from the public and fellow entrepreneurs, I will postpone this implementation to develop a good, mutually beneficial formulation," Bahlil told reporters, without specifying a timeline for the revised policy.

The proposal, which surfaced in March as part of a government push to boost state revenue, had sparked wide market anxiety, local media reported. Many industry analysts warned that higher royalties would erode miners' profit margins.

Bahlil said the new formulation for mining royalties will be sought to be one that benefits both the state and businesses.