Newmont Suspends Operations at Batu Hijau
The government of Indonesia placed a ban on the export of copper concentrates by PTNNT and Freeport Indonesia in January. PTNNT continued to produce concentrates until its concentrate storage facilities were full, but with no resolution to the export ban, had to suspend production. Freeport Indonesia has been producing at about half of its capacity. Both companies ship concentrates to PT Smelting’s Gresik smelter in Indonesia, but the smelter does not have the capacity to handle all of their production.
Talks between the government and the companies were ongoing, but as of late June, a near-term resolution to the stand-off regarding the export of copper concentrates from Indonesia did not appear to be forthcoming.