Newmont Exempt From Minerals Export

Posted by on 14/01/2014

Nickelchunk

Even though Indonesia has banned the export of its mineral resources Newmont and another mining company, Freeport-McMoRan, has been given a temporary exemption to continue exporting minerals.

It’s hoped a greater share of the profits from mining will remain in Indonesia if minerals are processed locally, but sceptics believe it could lead to massive job cuts and increase Indonesia’s trade deficit.

Speculation that the ban may result in a decreased supply of metals saw prices rise on Monday, just a day after legislation, which was introduced in 2009, was signed off by Indonesia’s president.