US miner Newmont halts production at Indonesia site

US miner Newmont halts production at Indonesia site
AFP
June 3, 2014, 2:45 pm

Jakarta (AFP) - US mining giant Newmont said Tuesday it has ceased production at its Indonesian gold and copper mine due to controversial new rules governing the sector in Southeast Asia's top economy.

Newmont has not shipped copper concentrate overseas since the rules were introduced in January. They include a ban on the export of some unprocessed minerals and higher taxes for some commodities that can still be shipped out of the country.

Copper concentrate, a major export for Newmont and its US peer Freeport McMoRan, was exempt from the ban but the companies still faced paying the new, higher taxes on shipments of the product.
But Newmont has refused -- and stopped shipments -- as it says the new levies conflict with its original agreements in Indonesia. It has been engaged in talks with the government to try and reach agreement.

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