Freeport Indonesia halts copper concs export on L/C regulation

Freeport McMoRan’s Indonesian unit has been unable to export copper concentrates since the end of July, as the miner awaits approval from the trade ministry for an exemption from a regulation on letters of credit (L/Cs).

The ruling states that miners must receive payments for exports via L/Cs issued by a domestic foreign-exchange bank.

The Ministry of Trade introduced the regulation to cover exports of various commodities – including coal and tin – in January as part of a drive to prop up the Indonesian rupiah and promote inward...

Published

Shivani Singh

August 12, 2015

08:52 GMT

Singapore