- Write by:
-
Friday, August 4, 2023 - 23:49:27
-
164 Visit
-
Print
Mining News Pro - Mining giant Freeport has obtained a license to ship copper concentrate from its Indonesian operation until May 2024, but may contest new government rules on export duties.
Exempted from the country’s ban on raw mineral exports, Freeport Indonesia was granted an export license on July 24 for 1.7 million metric tons of copper concentrate, the company said in a US SEC filing on Thursday.
Indonesia in June banned outbound shipments of raw minerals to attract investment into its metals processing industry and boost revenue, but said it would allow several companies including Freeport to continue exporting until mid-2024 to give them time to finish building smelters.
But the government imposed new duties on products shipped by these companies, which Freeport Indonesia might contest, according to the filing.
It said that under Freeport Indonesia’s 2018 special mining license, no duties are required after its smelter is at least half-complete.
“In March 2023, the Indonesia government verified that construction progress on the Manyar smelter exceeded 50% and Freeport Indonesia’s export duties were eliminated effective March 29, 2023,” the filing read.
The Indonesian unit is “continuing to discuss the applicability of the revised regulation with the Indonesia government and will contest, and seek recovery of, any assessments,” it added.
A finance ministry regulation issued last month stated that exports of copper concentrate would continue to incur duties at 5% to 10% rates, even if companies’ smelter construction was beyond 50%.
Short Link:
https://www.miningnews.ir/En/News/626210
Glencore expects profit at its trading division this year to be at the top end of its long-term annual guidance, in an ...
Eramet subsidiary SLN’s nickel mining operations in northern New Caledonia have been suspended, adding to difficulties ...
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
Brazilian miner Vale on Wednesday said lower prices for iron ore, nickel and copper in the first quarter dragged down ...
BHP Group Ltd. proposed a takeover of Anglo American Plc that values the smaller miner at £31.1 billion ($38.8 billion), ...
The London Metal Exchange is imposing new rules surrounding the movement of metal in its warehousing network, taking aim ...
Interros, Nornickel’s largest shareholder, on Monday called allegations by fellow shareholder Rusal about undervalued ...
A Russian arbitration court ruled on Monday that four units of Swiss commodities trader Glencore will pay more than 11.4 ...
The London Metal Exchange (LME) on Saturday banned from its system Russian metal produced on or after April 13 to comply ...
No comments have been posted yet ...