Indonesia’s Mines Ministry official has announced that Newmont Mining has to sign an agreement with Freeport-McMoRan to invest in the latter’s $1.5bn copper smelter in Papua province, to get renewal for its copper export permit in the country beyond 19 March.

Indonesia is said to be holding discussions with various mining companies with regard to their plans to develop smelting and processing facilities in the country.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Reuters quoted Coal and Minerals director-general R Sukhyar at a news conference as saying: "For an export permit extension for Newmont, we are still awaiting an agreement between Freeport and Newmont.

"For an export permit extension for Newmont, we are still awaiting an agreement between Freeport and Newmont."

"It will depend how serious Newmont’s commitment to co-operate with Freeport is and how much they will share the investment."

Early in 2014, export restrictions were put in place by the country in order to compel mining firms to develop smelting and processing facilities so that Indonesia will be able to refine all of its raw ores and concentrates.

See Also:

Following an export tax dispute that lasted for nine months, Newmont signed a deal with the Indonesian government late 2014 that allowed for the resumption of copper concentrate exports.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

According to Sukhyar’s forecast in February, Newmont is expected to produce 500,000t of copper and gold concentrate in 2015, which is expected to be a rise from 400,000t last year.

Last month, Indonesia’s Government has lifted its previously announced demand that Freeport-McMoran, the US-based natural resource company needs to construct a copper smelter in Papua province.