Newmont gets lower export quota

The Ministry of Energy and Mineral Resources (MEMR) has issued recommendation letter for gold and copper giant PT Newmont Nusa Tenggara (NNT) to be given export permit for the next six months, with an export quota of 430,000 tons.

The new export quota is lower than the 477,000 tons quota set in the previous six-month export permit which expired in September. Director General of Mineral and Coal at the ministry Bambang Gatot Ariyono said on Friday that the new quota was made in accordance with NNT?s export capacity. ?(Previous) realized export was less (than the allocated quota),? he said.

NNT obtained the export recommendation letter on November 18 after meeting a number of requirements including a more definitive agreement with another gold and copper giant PT Freeport Indonesia to develop a US$2.3 billion copper smelter in Gresik, East Java. Bambang said that NNT will chip in $3 million in the project.

Following the recommendation letter, the Ministry of Trade is expected to issue the export permit. (*)