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Newmont Stops Indonesian Copper Production in Light of Export Halt
Jun. 03, 2014 09:21AM PST
Base Metals Investing
Reuters reported today that major miner Newmont Mining Corp. (NYSE:NEM) has stopped the production of copper concentrate at its Indonesian operations. Newmont has delayed stopping work at its Batu Hijau mine for several months in light of a ban on the export of mineral concentrates from Indonesia, but had to halt operations due to a lack of storage space, according to Reuters.
Reuters reported today that major miner Newmont Mining Corp. (NYSE:NEM) has stopped the production of copper concentrate at its Indonesian operations. Newmont has delayed stopping work at its Batu Hijau mine for several months in light of a ban on the export of mineral concentrates from Indonesia, but had to halt operations due to a lack of storage space, according to Reuters.
As quoted in the publication:
Newmont, which said its storage facilities at the mine were full after the near five-month export halt, said it had delayed standing down its 8,000 employees and contractors ahead of a government meeting this week. The prospect of widespread job layoffs could add to pressure on the Indonesian government to find a solution to the stand-off, after weaker exports contributed to slower first-quarter economic growth and a swelling trade deficit in April.