Reuters reported today that Newmont Mining (NYSE:NEM) has reached a tentative agreement that could see it resume exports of copper concentrate as early as next week. The deal will still need to be approved by several government officials, according to Reuters.
As quoted in the publication:
Discussions with Sukhyar, the director-general of coal and minerals at Indonesia’s mining ministry, on the key issues being renegotiated have concluded, said Newmont’s Indonesian Chief Executive Martiono Hadianto. “We have reached a deal,” he said.
The six points agreed in the renegotiations included royalties, size of mining and exploration area, domestic processing and divestment obligations and possible mining contract extension. Newmont has already agreed to pay an export tax, government officials have previously said.
Get Our Expert Guide to Copper Investing FREE!Download this FREE Special Report, From LME Copper to Copper ETFs: Understanding Today’s Copper Price for Investing in Copper.