Freeport, Newmont move higher as Indonesia pushes for exports to resume

|By:, SA News Editor

Indonesia has approved big increases in 2014 copper sales for local units of copper miners Freeport McMoRan (FCX +1.2%) and Newmont Mining (NEM +4.6%), as the country pushes for the companies to resume exports.

FCX appears to have received a go-ahead to resume copper shipments via a deal that would require it to build a smelter in exchange for a reprieve on Indonesia's new export tax.

The government approves targets for 10%-plus increases in FCX's copper concentrate sales and copper concentrate export sales from its Grasberg mine in Papua, and to raise copper concentrate sales from NEM's Batu Hijau mine in Sumbawa by 66% and hike export sales from the mine by 70%.