Newmont files for arbitration over Indonesia mining export restrictions

|About: Newmont Mining Corporation ... (NEM)|By:, SA News Editor

Newmont Mining (NEM) files for international arbitration against Indonesia's government seeking "interim, injunctive relief" from mining export restrictions.

The filing comes after NEM halted operations at its Batu Hijau copper mine and declared force majeure last month after the country banned ore exports in January and introduced controversial taxes on exports of mineral concentrates.

NEM and Freeport McMoRan (FCX), which control the two largest copper producers in Indonesia, say they should be exempt from the tax, which kicks in at 25% and rises to 60% in H2 2016 before a total concentrate export ban in 2017.