Indonesian Government Approves Export License for 2 Copper Mines
February 17 2017 - 8:45AM
Dow Jones News
By Sara Schondardt
JAKARTA--Indonesia's ministry of energy and mineral resources
said Friday it had approved export licenses for the country's two
largest copper producers, PT Freeport Indonesia and PT Amman
Mineral Nusa Tengarra.
The offer could pave the way for the companies to restart
exports of concentrates, including from Freeport's massive Grasberg
mine, after they were halted last month.
Neither Freeport nor Amman Mineral could immediately be reached
for comment. It isn't clear whether either company has accepted the
export license.
Copper prices in London edged lower after the news. The
three-month London Metal Exchange copper price was down 0.55% at a
one-week low of $5,957 a metric ton Friday.
The licenses will be valid for a year and will allow Freeport
Indonesia, a unit of Arizona-based Freeport-McMoRan Inc. to export
1,113,105 wet metric tons of copper concentrate, the ministry said.
Amman Mineral was allotted full-year export volumes of 675,000 wet
metric tons of copper concentrate.
Freeport stopped production of copper concentrate at its
Grasberg mine in Papua last Friday as it hadn't yet received an
export license, a spokesman said earlier this week.
Indonesia's mining ministry said it had granted new mining
rights to the company on Feb. 10, allowing it to receive the export
recommendation. A Freeport spokesman responded last Friday saying
that no agreement had been reached and exports remained
restricted.
-Katherine Dunn contributed to this story.
-Write to Sara Schonhardt at sara.schonhardt@wsj.com
(END) Dow Jones Newswires
February 17, 2017 08:30 ET (13:30 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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