Freeport McMoran Loses Right to Export Copper Concentrate From Indonesia

Reuters reported that Freeport McMoRan (NYSE:FCX), the world’s largest publicly traded copper company, has lost its right to export copper concentrate from Indonesia.
As quoted in the publication:

Freeport’s six-month licence to export concentrate expired on Thursday and it was unclear how soon a new one would be issued as the two sides have yet to resolve a government demand that the U.S. firm first pay a $530 million deposit.
“Without an export permit, there can be no exports. The exporter knows that,” Didi Sumedi, Indonesia’s director of mining and industrial products told Reuters via text message.

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