By Deden Sudrajat and I Made Sentana
JAKARTA, Indonesia--PT Freeport Indonesia Wednesday resumed copper-concentrate exports with a 10,000 metric ton shipment to China, Chief Executive Rozik Soetjipto said.
The local unit of Freeport-McMoRan Inc. (FCX) and the government agreed July 25 to resume exports after a six-month halt. Freeport will pay lower export taxes in return for building a local smelter.
An ban on exporting unprocessed ore and export duties on copper, iron, zinc and manganese concentrates were imposed in January. Duties on concentrates begin at between 20% and 25% and rise to 60% before a ban is imposed in 2017.
Freeport's copper-concentrate exports are expected to reach 756,300 tons with an estimated value of $1.56 billion by the end of the year, Director General of Coal and Mineral Resources Sukhyar said at the time of the agreement.
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(END) Dow Jones Newswires
August 05, 2014 22:05 ET (02:05 GMT)
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