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Newmont abandons mining arbitration case against Indonesia

Posted by ipso facto @ 9:57 on August 26, 2014  

US-based mining giant Newmont (NYSE:NEM) has withdrawn an international arbitration filing against the Indonesian government, signalling an imminent end to its seven-month dispute that forced it to stop copper exports.

The Colorado-based miner requested arbitration in early July, seeking interim, injunctive relief to resume exports of red metal concentrate. Indonesia responded by asking Newmont to withdraw the lawsuit or risk losing its mining license.

The parts, reports Reuters, have reached a “constructive solution” over new mining rules with Newmont’s Indonesian CEO Martiono Hadianto saying he expects to “soon” resume operations at Batu Hijau copper mine, halted since early June.

more http://www.mining.com/newmont-abandons-mining-arbitration-case-against-indonesia-15980/

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Post by the Golden Rule. Oasis not responsible for content/accuracy of posts. DYODD.