Newmont Mining may cut production in Indonesia

Fri Apr 25, 2014 10:58am EDT
 
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April 25 (Reuters) - Newmont Mining Corp is running out of space to store copper concentrate in Indonesia, where a dispute with the government has halted exports, and may be forced to cut production, Chief Executive Officer Gary Goldberg said on Friday.

On a call with analysts and investors, Goldberg said Newmont's concentrate barn was set to reach full capacity in the second half of May.

"If this happens, we'll be forced to implement contingency plans to scale back production," he said.

But Goldberg also said he was cautiously optimistic that Newmont would get permission to export in the coming weeks and that the country's proposed export tax "will be clarified." (Reporting by Allison Martell; Editing by Lisa Von Ahn)