Newmont seeks for higher export quota, lower export duty
Saturday, October 10 2015 - 05:08 AM WIB
NNT is seeking for a 4.8 percent increase in the export quota to 500,000 tons from 477,000 tons set under the previous six-month export permit, which expired last month.
The company is currently waiting for the Ministry of Energy and Mineral Resources (MEMR) to issue the necessary export recommendation to allow the Ministry of Trade to issue the export permit.
NNT said on September 30 that it has signed a new MoU with another gold and copper giant PT Freeport Indonesia on a planned joint project to develop a smelter in Gresik, East Java. The new MoU, which was claimed by the company as more detailed that the previous MoU, is seen to be a key requirement of the MEMR to provide export recommendation.
NNT also has asked the government to lower the export duty to 5 percent from 7 percent as the company claimed that progress of the planned smelter with Freeport has reached 11 percent. According to existing regulation, if progress of the smelter project reaches 7.5-30 percent, the company is entitled to an export duty of only 5 percent. If progress exceeds 30 percent, no export duty will be imposed.
Director General of Mineral and Coal Bambang Gatot Ariyono said that the MEMR would complete the evaluation process in a month before issuing the required export recommendation letter for NNT, and approving the requested lower export duty. (*)