Reuters reported today that Newmont Mining Corp (NYSE:NEM) will apply for an injunction to reopen its Batu Hijau mine in Indonesia. The announcement follows a deal between fellow miner Freeport-McMoRan Copper & Gold Inc. and the Indonesian government last month for that miner to resume exports.
As quoted in the publication:
Newmont CEO Gary Goldberg told an industry function in Melbourne that the company would seek interim injunctive relief from the arbitration panel to reopen the mine and resume exports, ahead of the outcome of the arbitration. “We estimate it could take several months to obtain a ruling on interim relief and at least several weeks to ramp back up to full production if that relief is granted,” Goldberg said in a speech. Newmont halted copper mining at Batu Hijau on June 5, saying its concentrate storage facilities were full.
| Updated December 2015
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.