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Newmont Mining's Indonesian copper export permit extended

Mar. 18, 2015 12:56 PM ETNewmont Corporation (NEM), NGT:CANEM, FCXBy: Carl Surran, SA News Editor4 Comments
  • Indonesia extends for six months Newmont Mining's (NEM -0.2%) Indonesian copper export permit after the company gave assurances over its commitment to build a smelter with Freeport McMoRan (FCX -0.3%).
  • The government had indicated earlier that NEM's copper export permit would not be renewed beyond March 19 unless it struck a deal with FCX, but the mining ministry has set NEM's export quota at 477K metric tons until Sept. 19.

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Comments (4)

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Mr. Erwin Kellner is correct in his Opinion piece today on marketwatch.com, and I rarely agree with Mr. Kellner, namely, Wages hold the key to future FRB policy on Fed Funds Rate Rates. Japan last week awarded the highest increase in wages to employees at large companies in an attempt to goose Inflation up to the 2% Central Bank Target !

I'm amazed that Mr. John Williams, President of the SF FRB Bank, has stated in his interview today with Greg Robb, such a foolish notion that a FRB rate increase is healthy, when the U.S. Economy is slowing, and there is no Wage Growth; to the contrary, Middle-Class Wages have DROPPED 6.7% in the recent 7 years according to the U.S. Senator of New York, Senator Schumer; Senator Schumer "warned" FRB Chair Yellen to not raise the Fed Funds Rate during his "question" to Chair Yellen at her recent Semiannual Testimony to the U.S. Senate. In Chair Yellen's March 18, 2015 Press Conference, she clearly stated that the FRB has lowered their Unemployment Rate estimate on what might induce Inflation to 5% from 5.6% because the Jobs Report is distorting reality, and because the current 3 month moving average of PCE Core Inflation Rate is a mere 0.7% and FALLING !

Obviously, FRB Member Charles Evans, President of the FRB Bank of Chicago, is making much better sense when he stated on March 20, 2015 in his excellent marketwatch.com Interview, and also in his Paper presented by his team to the Brookings Institute, "The FRB March 18, 2015 statement is consistent with the current Fed Funds Rate remaining in effect for an extended period of time." ! So the statement today by Mr. John Williams is therefore obviously his attempt to Jawbone the U.S. Dollar higher, to the detriment of U.S. Manufacturers (Automobiles, Steel, Airliners, CAT, etc); therefore, the only possible motive of Mr. John Williams statements in his interview today is to Jawbone Gold price lower due to the recent strong Negative Correlation between Gold price and DXY. The same can be said of FRB member Bullard's untoward statement/interview yesterday during his CNBC TV Interview, as he ridiculed some FRB Members for giving the public a false sense that the Fed Funds Rate won't be increased this year ! In other words, the Jawboning of the U.S. Dollar higher and Gold lower won't work unless statements of impending 2015 FRB tightening is implied by Jawboning ! The recent data on the softening of the U.S. Economy proves how foolish a FRB tightening in 2015 would be, and in fact would be a repeat of the grievous error in 1937 FRB policy whose premature tightening turned back the tepid recovery to prolong the Great Depression until Dec 7, 1941 ("the day that will live in infamy") ! The tragedy of the statement of FRB John Williams' statement above is made abundantly clear in light of recent data on the U.S. Economy as described in my 1st paragraph above, when coupled with other recent softening such as a surprising decline in U.S. Manufacturing, Housing Starts (17%), Producer Price Index (4 consecutive months), and Michigan Consumer Confidence Index to 91.2 , as any HS student can easily see ! Gold price is UP AGAIN TODAY BY $5 to $1193 per ounce despite all this Jawboning by FRB members Williams & Bullard !

The recent article of Dec 2014 authored by Dr. Paul Craig Roberts titled "Inside Story on Gold price Manipulation -- Naked Gold Shorts", wherein he talks of the collusion between the FRB and some large banks to Manipulate downward the price of Gold, is therefore appropriate. The march 13, 2015 Bloom berg video at 3:54 pm did state that the U.S. Justice Department did fine several large Banks at least $1 Billion each for Currency Manipulation ! There is now an ongoing U.S. Government Investigation into Gold price Manipulation by several agencies ! Dr. Roberts goes on to state within his newsletter that the scandal occurring from the early 2014 German Central Bank's request to the FRB Bank of New York to ship to Germany some of its Gold, which request was refused until 2021, was a result of this collusion to Manipulate downward the price of Gold !

In the recent 3 days of trading, Gold price has broken above its 2 month declining tops line, and is confirmed by sharp gains in the XAU and HUI Indexes comprised of Gold & Silver Mining Companies. The Gold Bear Trap locked into place in early Jan 2015 is still in effect , as those "Naked Gold Shorts" then expected the $1131 Gold low of weeks earlier to be breached ! This Gold Bear Trap did classically conclude the Gold Bull Market Correction to the 2nd Super Cycle Leg, and so Gold price is now likely ascending up along its 3rd Super Cycle Leg to new all-time-highs through the year 2020. Gold price is UP AGAIN TODAY by $5 to $1193 per ounce. This ongoing Gold Bull Market started at $253 per ounce in 2001. March 24, 2015 at 11:58 pm PDT.
Both Gold and Silver prices performed very Bullishly today, as both broke out above their 2 month declining tops line ! The long-term nature of this gain today is substantiated by today's 3% gain in the XAU and HUI (Gold & Silver Mining Stock Equities). So Gold is now likely rising up along its 3rd Leg Super Cycle to new all-time-highs through the year 2020.

As per the 247EWallSt.com article of March 19 at 8:05 a.m., I quote "Newmont Mining Corp. (NYSE: NEM) was raised to Overweight from Neutral with a $28 price target (versus a $22.87 close) at HSBC." ! Very timely HSBC Update on Overweighting NEM from "Neutral" March 20, 2015 at 3:23 pm PDT.
Double-Bully, if appropriate!
Bully NEM !! Excellent Management at NEM obtained another win-win situation with this six-month extension in Indonesian Copper Export Permit, as the new Indonesian President Joko Widodo hereby demonstrates wisdom beyond his years ! Since NEM produces only one-seventh of the Copper that FCX does, NEM Management is seeking to contribute one-seventh of the required CapEx to build the subject Copper Smelter with FCX. The strong U.S. Dollar makes for lower Payroll expenses, and the low Crude Oil price makes for low operating expenses in Indonesia, thus turning that Indonesian Copper & Gold operation into a profitable experience for the well-managed NEM. Bully for this win-win agreement announced today ! March 18, 2015 at 10:20 a.m. PDT.

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