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UPDATE 1-Indonesia renews Newmont Mining's copper export licence for six months
May 24, 2016 / 9:26 AM / 2 years ago

UPDATE 1-Indonesia renews Newmont Mining's copper export licence for six months

(Adds detail on export quota, 2016 production target)

JAKARTA, May 24 (Reuters) - Indonesia’s mining ministry recommended renewing the export licence for the local unit of U.S. copper and gold miner Newmont Mining Corp to export copper concentrate for the next six months, a ministry official said on Tuesday.

Newmont, Indonesia’s second-biggest copper miner, will be allowed to export up to 419,757 tonnes of copper concentrate from its Batu Hijau mine in eastern Indonesia, Coal and Minerals Director General Bambang Gatot told reporters.

The allocated export quota was “in accordance with original plans,” said Rachmat Makkasau, president-director of Newmont’s Indonesian unit, PT Newmont Nusa Tenggara (NNT).

NNT is targeting production of approximately 700,000 tonnes of copper concentrate this year, Makkasau said.

No decision had been made on the sale of Newmont Nusa Tenggara, he added.

Indonesian state miners and prominent Indonesian businessman Arifin Panigoro have expressed an interest in buying control of Newmont Nusa Tenggara, in a deal that could reach $2 billion.

“The shareholders are in continuing communication with interested parties and until now there has been no final decision,” he said.

NNT’s shareholders include Japan’s Sumitomo Corp and Indonesia’s PT Bumi Resources Minerals Tbk.

Reporting by Wilda Asmarini; Writing by Fergus Jensen; Editing by Christian Schmollinger

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