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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 (3299) | 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 (428) | 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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