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Newmont copper concentrate export permit application rejected

Company News 09:12:12AM Sep 22, 2015 Source:SMM

By  Paul Ploumis 21 Sep 2015  Last updated at  08:46:38 GMT

JAKARTA (Scrap Monster): The Indonesian Ministry of Energy and Mineral Resources has declined to extend the extension of Newmont’s copper concentrate export permit at Batu Hijau mine-an open pit mine on the island of Sumbawa. According to the Ministry, the application has been rejected on grounds that the company failed to satisfy the requirement regarding smelter development. The six-month permit issued earlier had expired on 18th of this month.

As per reports, Newmont had entered into an agreement with Freeport Indonesia towards development of smelter facilities in the country. However, there have been no updates regarding this afterwards. The company has declined to comment anything on the fate of the agreement. Furthermore, the company announced that it will try to meet all regulatory formalities to get the export permit extended.

Earlier during the month, the Indonesian government had announced that it has decided to withdraw plans to ease mineral export ban. Announcing the decision, the Energy and Mineral Resources Minister Sudirman Said had stated that the government fears that lifting of ban would bring more harm than good to the ongoing efforts to implement the 2009 Mining Law in full. The Minister cited that allowance for exports could lead to legal and environmental risks.

The Indonesian government had implemented ban on mineral ore exports in January 2014, whereby mining firms are required to process minerals in local smelters before they are being sold overseas. However, exemptions were granted on copper concentrate exports to PT Freeport Indonesia and PT Newmont Nusa Tenggara due to lack of adequate smelting capacities in the country.


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#1 Refined Cu
Nov.15
46935.0
-90.0
(-0.19%)
Aluminum Ingot
Nov.15
13920.0
-10.0
(-0.07%)
#1 Lead
Nov.15
15800.0
25.0
(0.16%)
0# Zinc
Nov.15
18490.0
0.0
(0.00%)
#1 Tin Ingot
Nov.15
135250.0
0.0
(0.00%)

Newmont copper concentrate export permit application rejected

Company News 09:12:12AM Sep 22, 2015 Source:SMM

By  Paul Ploumis 21 Sep 2015  Last updated at  08:46:38 GMT

JAKARTA (Scrap Monster): The Indonesian Ministry of Energy and Mineral Resources has declined to extend the extension of Newmont’s copper concentrate export permit at Batu Hijau mine-an open pit mine on the island of Sumbawa. According to the Ministry, the application has been rejected on grounds that the company failed to satisfy the requirement regarding smelter development. The six-month permit issued earlier had expired on 18th of this month.

As per reports, Newmont had entered into an agreement with Freeport Indonesia towards development of smelter facilities in the country. However, there have been no updates regarding this afterwards. The company has declined to comment anything on the fate of the agreement. Furthermore, the company announced that it will try to meet all regulatory formalities to get the export permit extended.

Earlier during the month, the Indonesian government had announced that it has decided to withdraw plans to ease mineral export ban. Announcing the decision, the Energy and Mineral Resources Minister Sudirman Said had stated that the government fears that lifting of ban would bring more harm than good to the ongoing efforts to implement the 2009 Mining Law in full. The Minister cited that allowance for exports could lead to legal and environmental risks.

The Indonesian government had implemented ban on mineral ore exports in January 2014, whereby mining firms are required to process minerals in local smelters before they are being sold overseas. However, exemptions were granted on copper concentrate exports to PT Freeport Indonesia and PT Newmont Nusa Tenggara due to lack of adequate smelting capacities in the country.