Newmont Provides Update on Export Ban in Indonesia

Posted on January 22, 2014 by Nanthakumar Victor Emmanuel, P.Eng Leave a comment

Newmont Mining Corporation (NYSE: NEM) (“Newmont” or “the Company”) today provided an update on export issues pertaining to PT Newmont Nusa Tenggara (“PTNNT”), which operates the Batu Hijau copper and gold mine on the island of Sumbawa in Indonesia.

Although Indonesian government officials have informed PTNNT that the ban on copper concentrate exports from Batu Hijau does not take effect until January 11, 2017, as provided for in recently issued regulations, the regulations also include new and potentially restrictive conditions to obtain an export permit, as well as a significant export duty. As PTNNT meets with government officials for further information and clarity regarding the new regulations, Newmont is evaluating potential impacts to its operating plans at Batu Hijau.