Newmont seeks for extension of export permit

Gold and copper mining firm PT Newmont Nusa Tenggara (NNT), a local subsidiary of US-based Newmont Mining Corp, is seeking for an extension of its current copper concentrates export permit, which is set to expire on May 18.

Director General of Mineral and Coal at the Ministry of Energy and Mineral Resources Bambang Gatot Ariyono said over the weekend that NNT made the request for an extension of the export permit for another six months last week. He said that the ministry had set up a special team to evaluate NNT?s request.

Recommendation from the Ministry of Energy and Mineral Resources (MEMR) is necessary for NNT to obtain the extension of export permit from the Ministry of Trade.

One of the key requirements for obtaining the MEMR recommendation is progress of the required domestic smelter project. NNT has said it would team up with gold and copper giant PT Freeport Indonesia to develop a US$2.3 billion copper smelter in Gresik, East Java.

But the ministry in February warned NNT for being not serious in realizing the smelter project as required by the government.

Bambang did not say the new copper concentrates export volume requested by NNT. Under the current export permit, issued on November 18 of last year, the company was given an export quota of 430,000 tons, or lower than the previous quota of 477,000 tons.(*)