The announcement marks the end of a long-dragged dispute between the Colorado-based miner and Southeast Asian nation.
Both sides are closer than ever to ending an eight-month tax dispute over exports of the industrial metal's concentrates.
Operations at the miner's Batu Hijau copper and gold mine to resume soon.
Copper price down more than 1% after gauge of China's services economy drops to near 9-year low and restart of Indonesian exports ease supply fears.
Exports for the year could reach 756,000 tonnes after US company agrees to build smelter and sell a stake in subsidiary to locals.
No signs of production slowdown in major coal-exporting countries.
Indonesia's top copper miner hopes next month to ramp up production and restart concentrate shipments from Grasberg, one of the world's largest copper mines.
About $500 million of exports a month have been halted in Southeast Asia's biggest economy because of the minerals dispute.
The shipments, the first of their kind in six months, were allowed after Sebuku Iron Lateritic Ores (SILO) and Lumbung Mineral Sentosa agreed to pay the new 20% tax.
Authorities are is planning to send a letter to the Colorado-based miner saying that it has defaulted on its contract and, therefore, is “negligent."
The transaction would be worth over $2 billion.
Newmont, instead, was called to return to the negotiation table or face the consequences.
Sale of Candelaria mine could raise several billion dollars, according to people familiar with the matter quoted by WSJ.com.
The scandal-struck Indonesian coal miner formerly known as Bumi, did not re-elect Chris Walton at the annual shareholder meeting Friday.
Philippines and New Caledonia can't supply enough laterite nickel ore to China.
The parts agreed on basic framework for contract renegotiations for Grasberg mine.
The company, until recently known as Bumi, has named independent director Amir Sambodo as Nick von Schirnding’s successor.
Macquarie says sub-$65 unlikely because first Indonesian and then Australian producers will drop out of the market around these levels.
The company is putting about 80% of its Batu Hijau mine employees on leave at reduced pay from Friday.
The miner said its concentrate storage facilities have reached full capacity and that it is still trying to delay putting its employees on paid leave at reduced compensation
The Indonesian government plans to increase export tax on copper concentrates to 35% by January 2015.
Levels of conflict and political violence have risen significantly in 48 countries, most of them considered traditional mining destinations.
In light of the Indonesian mineral ore ban that came into force on January 12th 2014, Wood Mackenzie says the aluminium industry – particularly in China – faces a challenge to address a growing shortage of the raw material bauxite, an aluminium ore.
Miners are worried about potential twists and turns in policies as well as Indonesia's inability to improve the country’s poor infrastructure and rising labor costs.
The mining giant believes demand for coal to keep growing over the next 20 years, driven mainly by China and India.
Shanghai copper, in turn, went down beyond its 5% daily limit on Monday, hitting its lowest in more than four years.
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