Freeport-McMoran Says Export Ban Remains In Effect At Indonesian Copper MIne

Freeport-McMoran (FCX), a mining company, said an export ban remains in place at its copper mine in Indonesia, according to a report from Reuters.

The ban is in effect because the company has not reached an agreement with the government on a new mining permit, the report said. Indonesian government officials had earlier told reporters they issued a new mining permit to Freeport and that it could apply for an export permit.

The government banned copper concentrate exports Jan. 12 to attempt to boost Indonesia’s smelter industry. Freeport said the suspension would reduce output from its Grasberg mine by around 70 million pounds of copper per month.

Freeport will continue to work with the government, but will only agree to a new mining permit with the same fiscal and legal protection in its current contract, the report said, citing an e-mail from spokesman Eric Kinneberg.

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