MEMR finally provides export recommendation letter for Newmont

The Ministry of Energy and Mineral Resources (MEMR) has finally provided the necessary export recommendation letter for gold and copper giant PT Newmont Nusa Tenggara (NTT) to allow the company to obtain a renewal of its export permit for another six months.

Director General of Mineral and Coal Bambang Gatot Ariyono was quoted by kontan.co.id as saying Tuesday that NNT has met all the requirements to get the export recommendation letter in line with Ministerial Regulation No 5/2016.

Among of the requirements include a copy of agreement with another gold and copper giant PT Freeport Indonesia to develop a US$2.3 billion copper smelter in Gresik, East Java. NNT reportedly will contribute about $3 million in the project.

?We have now issued the export recommendation letter, with export quota of 419,757 tons,? Bambang said.

NNT?s earlier six-month export permit, with a quota of 430,000 tons expired on May 20. The company applied for a renewal of export permit, but the MEMR as of Monday has yet to issue the recommendation letter.

NNT operates the Batu Hijau mine in Sumbawa, West Nusa Tenggara Province. Company President Director Rachmat Makkasau confirmed Tuesday that the company has met all the requirements to obtain the export recommendation letter from the MEMR including providing its share of investment in the PT Freeport smelter project

Regarding the lower export quota, Rachmat said that it is in line with the company?s production and export plan.(*)