September 4, 2014 / 4:10 AM / in 3 years

Newmont signs MoU with Indonesia govt, to resume copper exports next week

JAKARTA, Sept 4 (Reuters) - Newmont Mining Corp has signed a Memorandum of Understanding (MoU) with the Indonesian government and will resume copper concentrate exports next week, the CEO of the firm’s local unit said, signalling the end to an eight-month tax dispute.

U.S.-based Newmont has been in a dispute with the Indonesian government over an export tax imposed in January that the firm said conflicted with its mining contract. It declared force majeure at its Batu Hijau copper mine on the remote Sumbawa island in June and filed for international arbitration in July.

“We have signed an MoU last night,” said Newmont’s Indonesian Chief Executive Martiono Hadianto. “We will start exports early next week. We will call back our workers who have been laid off and prepare to produce again.”

Earlier this week, Newmont said a deal had been agreed on an MoU, and government officials said exports would resume this week. (Reporting by Wilda Asmarini; writing by Michael Taylor; Editing by Himani Sarkar)

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