Freeport Indonesia said to cut output by 60%

Freeport McMoRan (FCX) has cut ore production by ~60% at its Grasberg copper and gold mine in Indonesia, according to a union official, two months after exports were halted over a dispute with the government on a new tax.

FCX and fellow U.S. miner Newmont Mining (NEM) have been locked in talks with the government for weeks over the controversial export tax on mineral concentrates, which rises from 25% this year to as high as 60% by H2 2016.

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