Indonesia’s Ministry of Energy and Mineral Resources has recommended that PT Freeport Indonesia be given a year-long permit to export over 1.1 million tonnes of copper concentrates from the country, it said in a statement earlier today.
But Freeport-McMoRan has reaffirmed its need for guarantees over its Indonesian investments following the recommendation.
Treatment and refining charges for copper concentrates dropped to their lowest level in over seven months in the first half of February, as the effects of disruptions at Escondida and Grasberg, two of the world’s biggest mines, began to be felt.
A government-mediated meeting with representatives of BHP Billiton’s Escondida copper mine and Union No 1 scheduled for Wednesday February 15 did not happen due to “problems with the company's agenda”, the union said.
In other company news, Glencore has purchased the remaining 31%...