Canada puts its big miners off limits just as M&A is heating up
Foreign takeovers of mining companies have been a touchy topic ever since a wave of deals 18 years ago took out some of the country’s biggest players.
Copper miner PT Freeport Indonesia has secured an export permit for copper concentrate for the rest of year, spokesperson Agung Laksamana said on Wednesday, without elaborating on the export volume.
Indonesia said it would allow Freeport to continue exporting copper concentrate for the rest of the year until its new smelter reaches full capacity, despite a ban on shipments of raw minerals.
Freeport last week launched its $3.7 billion copper smelter in Gresik, East Java, which has a total input capacity if 1.7 million metric tons, but the company said it will only reach full capacity in December, leaving excess copper concentrate available for export.
The government has also promised to extend a copper concentrate export permit for a unit of Amman Mineral Internasional, which is also finalizing construction of their smelter.
As of Tuesday, an Amman spokesperson said their export permit was being processed.
(By Fransiska Nangoy and Bernadette Christina Munthe; Editing by Ed Davies)
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