Freeport warns copper export ban could cost Indonesia $2 bln in lost revenue [Yahoo! Finance]
Freeport-McMoRan, Inc. (FCX)
Last freeport-mcmoran, inc. earnings: 4/24 07:30 am
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Source: Yahoo! Finance
June could lead to a loss of $2 billion in revenues for Jakarta, a company official said on Thursday. Indonesia's export ban takes effect from June in an effort to force miners to invest in domestic smelting facilities, thus adding value to their products, boosting earnings from exports. Freeport Indonesia, controlled by mining giant Freeport McMoran, though the Indonesian government is a majority shareholder, has called for the ban to be relaxed as its Gresik smelter would not be operating at full capacity by June. "If we can't export, state revenues will drop by around $2 billion, based on current prices," media quoted Chief Executive Tony Wenas as saying in remarks confirmed by a company spokesperson. The comments followed a meeting with President Joko Widodo, at which he was accompanied by Freeport McMoran's chairman Richard Adkerson and incoming chief executive Kathleen L. Quirk. Wenas reiterated that construction of the Gresik smelter would be complete by May and start
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- 4/24/24 - Beat
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