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Freeport says no deal with Indonesia, export ban stays

Staff Writer |
Freeport-McMoRan said that an export ban remains in place at its copper mine in Indonesia because it has not yet reached agreement with the government on a new mining permit.

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Indonesian government officials had earlier told reporters they issued a new mining permit to Freeport and that it could apply for an export permit.

The government banned copper concentrate exports January 12 to try and boost Indonesia's smelter industry.

Freeport said the suspension would reduce output from its Grasberg mine by around 70 million pounds of copper per month.

Freeport will continue to work with the government, but only agree to a new mining permit with the same fiscal and legal protection in its current contract.

Rio Tinto said it might exit its Indonesia joint venture with Freeport due to the uncertainties.

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