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«Newmont Mining» resumes export of Indonesian copper

22 October 2014

In early January of this year, the Indonesian government imposed a ban relative to export from the mills copper ore also envisaged the introduction of a progressive tax on copper concentrates, which gave rise to a prolonged confrontation between government, manufacturers and industries for metal processing in the country. In June this year as a result of the Indonesian ban and introduction of the tax company «Newmont Mining» forced to stop working process at the mine «Batu Hijau.»

The final resolution of the conflict took place after the signing of the Memorandum of Understanding between the «Newmont Mining» and the government. The company, by signing this memorandum, has agreed so to the main items, which include the presence of taxes and export duties include the use of the labor force, stipulate deprivation of property rights, regulate the duration of the contract works and services, the rental is scheduled basis and controlled refining and internal processing.

«Newmont Mining» expressed agreement on fixed export duty of 7.5% on the export of copper concentrate, with the head of the company said that for contractors and personnel «Batu Hijau» — and there are almost 8000 people — the signing of the agreement most luck, since making a significant contribution to the economic development of Sumbawa Barat. Enough difficult situation lasted for 9 months, but a few days ago «Newmont Mining» finally been able to export the first batch of the red metal, the volume of which amounted to about 30 thousand tons.

A company «RioTinto» strengthens its position in Mongolia — Today the company owns 66 percent share of the joint complex Oyu Tolgoi mining copper and gold. The agreement signed between «Ivanhoe Mines» and «Rio Tinto», made it possible in an accelerated mode to complete the first phase of construction of the copper-gold complex, which at this point has already started to export products. However, the next stage of the project has not yet implemented because its funding continues to be delayed. The investment required for the construction of the mine, up more than 6 billion. USD, and the object is going to be the largest production of the red metal in the world. However, «Rio Tinto» is in no hurry to follow-step plan, pending the decision of tax issues by the Government.

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