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Tuff-Stuff

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Tuff-Stuff

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Friday, 07/25/2014 8:58:55 AM

Friday, July 25, 2014 8:58:55 AM

Post# of 648882
Freeport signs deal with Indonesia, copper exports could resume in August

Freeport McMoRan (NYSE:FCX) says it has reached a deal with the Indonesian government that is expected to pave the way for a resumption of copper exports after a six-month halt.
After signing the memorandum of understanding, Freeport Indonesia CEO Rozik Soetjipto says he hopes copper concentrate exports could resume as soon as next month.
FCX will pay a 7.5% tax on its Indonesia copper exports and provide a $115M assurance bond to support its commitment to smelter development; it will pay royalties of 4% for copper and 3.75% for gold, which previously were 3.5% and 1%, respectively.
FCX, which fell sharply yesterday as terms of the deal leaked out, -0.3% premarket.

Pray for A Pain Free Day!

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