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Miner Newmont drops action against Indonesia over ore ban

PT Newmont trucks haul raw earth material at the Batu Hijau copper mine, located in Indonesia's West Nusa Tenggara province, in this photo released in June 2014US mining giant Newmont said it has withdrawn an international arbitration claim against Indonesia over a controversial mineral ore export ban after a breakthrough in talks with the government. Last month, Newmont announced it was seeking a ruling at the Washington-based International Centre for Settlement of Investment Disputes to allow it to resume exports of copper from its huge mine in central Indonesia. “The decision to discontinue and withdraw arbitration comes after commitments from senior government officials,” said Newmont’s Indonesian unit in a statement late Tuesday. It added the officials had pledged to open “formal negotiations” on a new agreement with Newmont that would allow it to resume work at its Batu Hijau mine, on condition the legal action was withdrawn.

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