Newmont denies output cuts made at its Indonesian copper mine


Newmont Mining (NEM -3.1%) denies it has cut production at its Batu Hijau Indonesian copper and gold mine, after the government's mineral enterprise director claimed earlier in the day that production had been slashed by 70%.

NEM and Freeport McMoRan (FCX -0.8%) have halted copper concentrate exports while continuing talks with the government over the ban on mineral ore exports and the introduction of an escalating export tax for concentrates.

Before the new export rules, FCX had estimated that total copper in concentrate output from Indonesia would total 500K metric tons this year, while NEM forecast output at 110K-125K metric tons.

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