Indonesia renews copper export license

Indonesia's Ministry of Mines is extending the copper concentrate export license for the local unit of US copper and gold miner Newmont Mining Corp for the next six months, a ministry spokesman said. Newmont, Indonesia's second largest copper miner, will be able to export up to 419,757 tonnes of copper concentrate from the Batu Hijau mine in eastern Indonesia.

The export quota allocated was in line with the government's original plans, said Rahmat Makkasau, president and director of Newmont's Indonesian division, PT Newmont Nusa Tenggara (NNT). NNT is targeting approximately 700,000 tonnes of copper concentrate this year, Makkasau said. No decision was made to sell PT Newmont Nusa Tenggara, he added.

In doing so, Indonesian government miners and prominent Indonesian businessman Arifin Panigoro have expressed interest in acquiring control of Newmont Nusa Tenggara, in a deal that could reach $ 2 billion. However, the shareholders, while communicating with stakeholders, have not yet reached a final decision. NNT's shareholders include Sumitomo Corp Japan and PT Bumi Resources Tbk Minerals Indonesia.