Indonesia mines ministry seeks cut in export tax for Freeport, Newmont


Indonesia's mining ministry is recommending a sharp cut in the export tax imposed on Freeport McMoRan (FCX) and Newmont Mining (NEM), according to a senior government official, but the proposal still appears to fall short of the companies' request.

Mining officials want the finance ministry to lower the export tax to no more than 10% for FCX and NEM from the surprise 25% imposed in January that has halted copper shipments, but the firms have agreed only to pay 5% to go toward building a smelter.

Meanwhile, FCX has made unspecified cuts to its ~30K workforce at the Grasberg mine in Indonesia, as the tax dispute with the government drags on.

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Comments (2)
  • BAHAMAS1
    , contributor
    Comments (5096) | Send Message
     
    Hold TRUE to your cause FCX and fight what could be this never ending extortion.
    11 Apr 2014, 10:41 AM Reply Like
  • sinedo
    , contributor
    Comments (501) | Send Message
     
    Unemployment and the upcoming elections reliably provide the 2 by 4 necessary to get the politicians' attention.
    Regards,
    11 Apr 2014, 11:28 AM Reply Like
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