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Indonesian copper and gold mining company PT Newmont Nusa Tenggara (PTNNT) has announced plans to resume copper concentrate shipments this week after receipt of an export permit. The company notes that it has been preparing to resume exports since signing of an MoU with the Indonesian government in early September.
With this export permit, PTNNT notes that it is working with PT Freeport Indonesia to develop a copper smelter in support of the government’s strategy to increase domestic processing of the raw material.
Effective with the signing of the MoU and receipt of an export permit, PTNNT agreed to pay export duties set forth in a new regulation issued in July 2014, provide a $25 million assurance bond to demonstrate its support for smelter development, and pay royalties of 4 percent for copper, 3.75 percent for gold, and 3.25 percent for silver, and pay a nominal deadrent per hectare.
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