Newmont Won't Get a Renewal For Indonesian Copper Export Permit

Reuters reported that Newmont Mining’s (NYSE:NEM) permit for exporting copper from Indonesia will not be renewed. The company has not met government conditions for developing a domestic smelter.
As quoted in the publication:

Newmont, Indonesia’s second-largest copper miner, has to renew the permit every six months following an agreement with the government a year ago to develop local mineral processing facilities.
“Newmont proposed an export permit extension and we evaluated it,” said a senior mines ministry official, who did not want to be identified because he is not authorised to speak to the media. “Newmont has not fulfilled requirements.”
Newmont is in talks with the Indonesian government and has filed an application with the additional information officials wanted on how the miner plans to support the country’s investment in smelter development, Newmont Chief Executive Gary Goldberg said on Tuesday.

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