The world’s second-largest miner had been on a roll this year.

The West African nation has already canceled or suspended permits for assets that were not operational.

Block 103 has an inferred resource of 7.2 billion tonnes grading 29.2% total iron in the Greenbush zone.

Overall, the iron ore market is experiencing a recovery in supply and inventories, and Chinese demand so far is holding up.

The ban is aimed at making miners process minerals in Indonesia, a major exporter of nickel ore.

Ore for September closed around 7.3% lower at $95.63 a tonne in Singapore. Benchmark spot material dropped to $99.50 a tonne on Monday.

The Productivity Commission will look at best-practice examples of regulation that will remove unnecessary costs for mining companies.

The new code is intended to improve conditions for companies and increase revenue for the state.