Reuters reported that Freeport McMoRan (NYSE:FCX) has halted copper exports from its Grasberg mine last month after the miner’s latest export permit expired.
As quoted in the publication:
Riza Pratama, a spokesman for the company’s Indonesia unit, confirmed in a text message to Reuters that exports had stopped since “the last permit expired July 25”.
Freeport, which runs the Grasberg mine in Papua, halted shipments after failing to obtain an exemption from a new rule requiring mining exports to use letters of credit, the Jakarta Globe newspaper reported on Wednesday.
The government had earlier exempted the firm from the rule for six months, but this expired on July 25.
Late last month, Indonesia and Arizona-based Freeport reached a deal that allowed the mining giant to export up to 775,000 tonnes of copper over the next six months.