AMNT gest lower copper concentrates export quota

The Ministry of Energy and Mineral Resources has assigned a much lower export quota of copper concentrates for PT Amman Mineral Nusa Tenggara (AMNT), formerly PT Newmont Nusa Tenggara (NNT), in the upcoming renewal of its current export permit which is set to expire on November 23.

Under the current six-moth export permit, which is valid from May 24-November 23, 2016, the export quota was set at 419,757 tons. NNT has earlier applied for a renewal of its export permit with a similar export volume. Amman Mineral Internasional recently acquired 82.2 percent stake in in NNT and changed the latter?s name into AMNT.

?The (new) export quota is much lower (than the previous quota),? said Director General of Mineral and Coal at the ministry Bambang Gatot Ariyono on Monday, adding that the ministry is set to soon issue the letter of recommendation for AMNT, which is necessary to get the export permit from the Ministry of Trade.

Bambang said that the much lower export quota is made because according to existing Government Regulation No 1/2014, export of mineral concentrates will be banned starting January 12, 2017.

The government is currently in the process of revising the regulation in a bid to ease the export ban policy, possibly allowing miners to continue exporting certain mineral concentrate products for the next three to five years during which time domestic smelters can be completed. (*)