Freeport Receives Six-month Export Permit for Grasberg Mine

Reuters reported that Indonesia has granted Freeport-McMoRan Inc. (NYSE:FCX) a six-month export permit that allows it to make shipments from its Grasberg copper mine, one of the largest in the world.
Freeport has been unable to make shipments from the mine for the last two weeks due to a dispute regarding payment for a new smelter.
As quoted in the market news:

“The export permit has been issued,” a mining director for the trade ministry Didi Sumedi told Reuters, with Freeport allowed to ship up to 1-million tonnes of copper over the next six months. The permit expires on August 8.
Freeport was forced to halt overseas shipments last month after the government demanded the company first pay a $530-million deposit for a smelter before it renewed the permit.
Talks between the two sides over the $530-million bond were ongoing. Freeport won the government’s backing for a new permit only after agreeing to continue paying a 5% export tax.
“We appreciate the support from the government and continue our discussion to escalate the development of the smelter and the extension of our contract of work,” said Freeport spokesperson Riza Pratama.

Click here to read the full Reuters report.