JAKARTA. Giant miners PT Freeport Indonesia and PT Newmont Nusa Tenggara are proposing to put down a combined US$125 million as a guarantee, or surety bonds, of their commitment to processing their minerals domestically. Energy and Mineral Resources Ministry director for mineral Dede Suhendra said Freeport had proposed to pay $100 million for the guarantee and Newmont $25 million. The surety bonds policy is part of the government’s strategy to ensure that miners process their minerals into end products at domestic smelters by 2017 in return for export permits for their semi-finished minerals.
Mining giants propose $125m in surety bonds
JAKARTA. Giant miners PT Freeport Indonesia and PT Newmont Nusa Tenggara are proposing to put down a combined US$125 million as a guarantee, or surety bonds, of their commitment to processing their minerals domestically. Energy and Mineral Resources Ministry director for mineral Dede Suhendra said Freeport had proposed to pay $100 million for the guarantee and Newmont $25 million. The surety bonds policy is part of the government’s strategy to ensure that miners process their minerals into end products at domestic smelters by 2017 in return for export permits for their semi-finished minerals.