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Miner Newmont moves against Indonesia in ore export row

Published on Jul 1, 2014 7:02 PM
 
File picture of trucks carrying ore at Newmont Mining Corp's copper and gold mine are seen driving on Indonesia's Sumbawa island. Newmont Mining Corp, one of two big foreign copper miners in Indonesia, said on Tuesday it has halted production of copper concentrate at its Batu Hijau mine after its stockpiling facility reached capacity. --PHOTO: REUTERS 

JAKARTA (AFP) - US mining giant Newmont said Tuesday it has filed for international arbitration against Jakarta over a controversial mineral ore export ban that has forced it to halt production at its Indonesian mine.

The company's Indonesian unit said it was seeking a ruling at the Washington-based International Centre for Settlement of Investment Disputes that would allow it to resume exports.

Southeast Asia's top economy introduced a ban on the export of some minerals and higher taxes on others that can still be shipped out of the country in January.

It is one of a raft of economic policies that critics have dubbed "resource nationalism", and which are pushed by politicians who argue that Indonesia is losing out by allowing foreign firms easy access to lucrative industries.

 
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