The parts agreed on basic framework for contract renegotiations for Grasberg mine.
Indonesia Mining News
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.
Other two Canadian jurisdictions —New Brunswick and Newfoundland and Labrador— also made it to the top 10 worldwide. Kyrgyzstan and Venezuela, named the two countries mining enthusiasts should stay away from.
Analysts warn of increasing government pressure on miners in other jurisdictions as well.
While many emerging markets are teetering right now, noted economist Nouriel Roubini says chance of a fully-fledged crisis is low.
The steep, last minute metal concentrate tax slapped on copper miners has brought exports to a standstill.
The reaction of the nickel price has been subdued and a new report suggests China may enter the political fray in Indonesia to protect its steel industry.
Top exporter Indonesia's ban on ore shipments largely off-set by record global stockpiles of ore and metal and rising mine output.
Against expectations of a last minute climbdown by authorities, Indonesia's nickel, bauxite and tin ore ban went into effect Sunday.
The spot market for copper is extremely tight with premiums over 3-month contracts touching 18-month highs and Indonesia's export ban adding uncertainty.
Terrorism, regime instability and resource nationalism, are the main risks mining investors will face in 2014.
The miner would need to lay off about 30,000 employees and dozens of contractors if it is not allowed to ship concentrates from the Indonesia.
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.