Freeport Indonesia Resumes Copper Concentrate Exports Wednesday -CEO

By Dow Jones Business News, 
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By Deden Sudrajat and I Made Sentana

JAKARTA, Indonesia--PT Freeport Indonesia Wednesday resumed copper-concentrate exports with a 10,000 metric ton shipment to China, Chief Executive Rozik Soetjipto said.

The local unit of Freeport-McMoRan Inc. ( FCX ) and the government agreed July 25 to resume exports after a six-month halt. Freeport will pay lower export taxes in return for building a local smelter.

An ban on exporting unprocessed ore and export duties on copper, iron, zinc and manganese concentrates were imposed in January. Duties on concentrates begin at between 20% and 25% and rise to 60% before a ban is imposed in 2017.

Freeport's copper-concentrate exports are expected to reach 756,300 tons with an estimated value of $1.56 billion by the end of the year, Director General of Coal and Mineral Resources Sukhyar said at the time of the agreement.

Write to I Made Sentana at i-made.sentana@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


  (END) Dow Jones Newswires
  08-05-142205ET
  Copyright (c) 2014 Dow Jones & Company, Inc.


This article appears in: Commodities

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