With record ore and metal stockpiling in anticipation of supply disruptions, if Indonesia's January 1 ban proves a damp squib, nickel prices could tumble again.
Miner called shareholders to approve the long-sought separation on December 4.
Nickel price up 5% in October as Indonesia stays firm on 2014 unprocessed mineral and metal export ban.
Output may be affected by a ban on unprocessed ore exports that takes effect in 2014.
As a result of the almost two months stoppage at Grasberg, the miner lost about 125 million pounds of copper and 125,000 ounces of gold in the quarter.
Halt was triggered by the coal miner’s failure to publish its 2012 audited full-year results.
But 2013 output will be 20% less than planned.
PT Newmont Nusa Tenggara, a subsidiary of Newmont Mining Corporation, is ready to supply concentrate for national mineral processing and refining plant (smelter).
Measure seeks to avoid liability on existing orders after production was suspended due to an accident.
Small coal miners are already under financial pressure coming from falling prices and their rather higher costs.
China’s third largest copper producer announcement comes only a few weeks after outages at two large copper mines in Indonesia and the US.
Indonesia, South Africa and Australia show no signs of slowing down exports despite prices at 3-and-half year lows and heading lower still.
Between 100–150kt of copper will be off the market.
The world's 40 largest miners announced a massive $45 billion in writedowns last year.
The world's No. 2 copper mine has been practically halted from May 14 at estimated cost of about $15 million a day in lost production.
Indonesia orders all production stopped at Freeport mine until an independent investigation – which is expected to take two months – is completed.
Strained relations between the company and labour unions casts doubt on whether the mine will be able to ship to customers.
Underground mining is still suspended while a safety inspection is conducted.
Nine of the 12 witnesses questioned so far are top executives of PT Freeport Indonesia.
It reached $7,525, its highest level since April 12.
Workers at Freeport’s Grasberg mine ended strike, but Australian government tell citizen to avoid travelling to the area where the mine is located.
Labourers at the Grasberg mine expansion say the work stoppage could last for a month.
An Indonesia-based coal miner posted an ad asking for “good looking” single females under 25.
The firm is moving forward with the separation plan from the Bakrie Group and London-listed parent Bumi Plc.
Large buyer sees the most metal on offer for the first time in seven years.
Meanwhile try avoiding Indonesia, Vietnam, Venezuela, Democratic Republic of Congo (DRC), Kyrgyzstan, Zimbabwe, Bolivia, Guatemala, Philippines, and Greece, says Canada's leading public policy think-tank.
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