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Freeport McMoRan finally has export permit from Indonesia

Staff Writer |
Freeport McMoRan collected a permit to resume copper exports from Indonesia on Friday after a hiatus of more than three months, hours after a state visit by U.S. Vice President Mike Pence, who discussed the copper miner's dispute with Jakarta.

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Indonesia's trade ministry issued Freeport with a permit to export 1.1 million tonnes of copper concentrate up to February next year, although it was unclear how long shipments would last.

Freeport is still at loggerheads with Indonesia over rights to its giant Grasberg mine in Papua, and tensions with workers threaten to disrupt its operations further.

Indonesia halted Freeport's copper concentrate exports in January under new rules that require the Arizona-based company to adopt a special licence, pay new taxes and royalties, divest a 51 percent stake in its operations and relinquish arbitration rights.

The dispute has cost the company and Indonesia hundreds of millions of dollars. Jakarta has said it would halt exports again if negotiations over sticking points were not resolved within six months.

Freeport has also warned Jakarta, saying it had the right to commence arbitration by June 17 if no agreement was reached.



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