Indonesian Government Approves Export License for 2 Copper Mines

Date : 02/17/2017 @ 8:45AM
Source : Dow Jones News
Stock : Freeport-Mcmoran, Inc. (FCX)
Quote : 12.75  -0.26 (-2.00%) @ 7:40PM

Indonesian Government Approves Export License for 2 Copper Mines

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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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