Freeport allowed copper exports

Reuters

Jakarta

Indonesia on Wednesday granted Freeport-McMoRan Inc a new six-month export permit for shipments from one of the world's largest copper mines, ending a near two-week stoppage due to a dispute over payment for a new metal smelter.

The deal is a relief for both sides as a lengthy halt in exports would have hit the U.S. mining giant's profits and denied the Indonesian government desperately needed revenue from one of its biggest taxpayers.

In the global copper market, prices fell to near their lowest level in a fortnight on Wednesday, partly on oversupply concerns exacerbated by the decision on Freeport's exports.

"The export permit has been issued," Didi Sumedi, a mining director for the trade ministry, told Reuters, with Freeport allowed to ship up to 1,033,758 tonnes of copper over the next six months.