August 26, 2014 / 10:46 AM / in 3 years

Newmont withdraws mining arbitration case against Indonesia -minister

JAKARTA, Aug 26 (Reuters) - Newmont Mining Corp has withdrawn its international arbitration filing against the Indonesian government, the industry minister said on Tuesday, in a possible sign of a breakthrough over its seven month dispute that halted exports.

Newmont’s Indonesian CEO Martiono, CEO Newmont said it had reached a “constructive solution” over new mining rules, and expects to resume production at its copper mine soon.

U.S.-based Newmont, which declared force majeure at its Batu Hijau copper mine in June and then filed for arbitration in July, is in dispute with the Indonesian government over an export tax imposed in January that the U.S.-based miner says conflicts with its mining contract.

“I heard Newmont’s lawyer has withdrawn the case a few days ago,” Indonesia’s Industry Minister Mohamad Hidayat told Reuters, adding that investment board chief Mahendra Siregar had confirmed the news. (Reporting by Wilda Asmarini, Yayat Supriatna and Michael Taylor; Editing by Louise Heavens)

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