Freeport cancels copper exports from Indonesia as permit expires

Cecilia Jamasmie | August 12, 2015 | 5:00 am Base Metals Energy Precious Metals Top Companies Asia Europe Coal Copper Gold Nickel 
Freeport cancels copper exports from Indonesia as permit expires

Freeport McMoRan Copper and Gold’s Grasberg mine is the world’s largest gold mine and third largest copper mine.

Freeport-McMoRan Inc. (NYSE:FCX), the largest publically traded copper producer, has stopped exports from its Grasberg mine in Indonesia after failing to obtain an exemption from a new rule requiring mining exports to use letters of credit.

The shipments have halted since last month, the Jakarta Globe reported, adding that Indonesian authorities had earlier exempted the firm from the rule for six months, but that permit expired on July 25.

On Monday the company, the U.S. largest miner by market value and revenue, announced it might issue up to $1 billion in common shares. The move aims to help the miner come to grips with a hefty debt load following its $9 billion acquisition of Plains Exploration in 2013.

Despite the short rally following the news, the miner’s stock has fallen over 70% in the past year, and it was trading 2.15% lower to $9.98 in New York at 10:05am ET.

Freeport cancels copper exports from Indonesia as permit expires

Source: Google Finance.

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4 Comments

  • Minerals Africa

    Freeport is in Free fall

  • ThaOracle

    What if I were to tell you …… that the chain on the commode has been pulled, the bowl is still spinning and the flush will only be complete once the Board, C Level execs and 50% of the PHX office are gone

  • rayban

    I think they are considering a smelter in the big hole . As well their CU production rises in 2016 . FCX , Gold and Copper , read about it .

  • draganfair

    https://twitter.com/FreeWestPapua?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

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