- Freeport McMoRan (FCX -2.1%) is set to restart concentrate shipments from its Grasberg mine in Indonesia, but shares are lower as the verdict on the deal with the government isn't favorable.
- Indonesia reportedly will cut the tax levied on mineral concentrate exports to less than 10% for miners that pay a bond as a guarantee they will build a smelter later.
- As part of its deal, FCX would pay higher royalties of 4% on copper sales, after paying between 1.5% and 3.5% under an old deal, and the higher rate will bring it into line with royalties paid by other companies.
- In response to the deal and FCX's mixed Q2 earnings, BofA/Merrill downgrades shares to Neutral from Buy and cuts its price target to $40 from $43.
- Indonesian officials say no talks have taken place with the second-largest copper miner in the country, Newmont Mining (NEM -2%).
at Zacks.com (Thu, 8:38AM)