UPDATE 3-Freeport loses right to export from Indonesia copper mine, talks ongoing – by Bernadette Christina Munthe and Fergus Jensen (Reuters India – January 29, 2016)


JAKARTA, Jan 29 Freeport McMoRan Inc on Friday lost its right to export copper concentrate, valued at more than $1 billion, from one of the world’s biggest mines as talks with Indonesia’s government remained deadlocked over payment for a new metal smelter.

Freeport’s six-month licence to export concentrate expired on Thursday and it was unclear how soon a new one would be issued as the two sides have yet to resolve a government demand that the U.S. firm first pay a $530 million deposit.

“Without an export permit, there can be no exports. The exporter knows that,” Didi Sumedi, Indonesia’s director of mining and industrial products told Reuters via text message.

However, it was not clear if exports had actually stopped at Freeport’s Grasberg mine in the province of Papua, one of the world’s largest copper and gold mines.

Asked if overseas shipments had ceased, a Freeport spokesman said “everything is normal”, without elaborating. Last year, Freeport sold 744 million pounds of copper concentrate from Grasberg, valued at around $1.73 billion, according to the company’s fourth-quarter financial results.

For the rest of this article, click here: http://in.reuters.com/article/indonesia-freeport-exports-idINL3N15D1BB

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