Copper Miners May Pay Controversial Indonesian Export Tax

Base Metals Investing

Reuters reported today that major copper miners in Indonesia have indicated that they may agree to pay the country’s export tax for copper concentrate. Exports of mineral concentrate were halted in January when Indonesia implemented a long talked about ban on mineral exports, but the country is open to allowing the export of concentrates if they are subjected to export duties.

Reuters reported today that major copper miners in Indonesia have indicated that they may agree to pay the country’s export tax for copper concentrate. Exports of mineral concentrate were halted in January when Indonesia implemented a long talked about ban on mineral exports, but the country is open to allowing the export of concentrates if they are subjected to export duties.

As quoted in the publication:

Freeport and Newmont have previously argued that they should be exempt from the tax, which kicks in at 25 percent and rises to 60 percent in the second half of 2016, before a total concentrate export ban in 2017. They said their current contracts prohibit any extra taxes. Under the new proposal, officials would draft a new tax regulation that would set a lower rate for miners who were progressing with plans to build smelters.

Click here to read the full Reuters article.

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