Indonesia threatens takeover of Newmont mine if output stays shut

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

Newmont Mining (NEM +0.4%) risks its Indonesian mining license being taken over by a state-owned firm if it does not resume copper production, Indonesia's government warns in a hardening of its stance.

The mining ministry earlier this week said it could terminate NEM's mining contract in response to the halt in production and the filing of legal arbitration over the country's new export rules.

The current government has only three months left in office, and the probable next president has signaled a more conciliatory approach to the contract dispute with NEM and Freeport McMoRan (NYSE:FCX).