Newmont sees Indonesian operations restored 6-8-weeks after permit

Tue Sep 16, 2014 11:40am EDT
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DENVER, Sept 16 (Reuters) - Newmont Mining Corp expects its idled Batu Hijau copper mine and mill in Indonesia to be fully operational six-to-eight weeks after it receives a promised export permit, Chief Executive Gary Goldberg said on Tuesday.

Newmont, which signed a key deal to resolve an export dispute with the Indonesian government in early September, expects to get the permit shortly, Goldberg said.

"While we would like this process to go faster, we appreciate that implementing new regulations takes time, particularly with a government that's in transition," said Goldberg during a presentation at the Denver Gold Forum, an industry conference.

Newmont halted exports in January after Indonesia imposed a hefty export tax that the U.S. firm said violated its mining contract. It halted production in June.

Newmont, Indonesia's second largest copper producer, is expected to ship around 200,000 tonnes of copper concentrate for the remainder of the year, Indonesia's director general of coal and minerals for the mining ministry said earlier this month. (Reporting by Nicole Mordant; Writing by Allison Martell; Editing by Marguerita Choy)