Hi Moorookamick and all,Just after my last post this item...

Hi Moorookamick and all,

Just after my last post this item arrived in my mail box and I thought I would share it as it may be of interest. Whilst most people know both Batu Hijau and Freeport’s Grasberg mines are big copper mines accounting for 97% of Indonesia’s copper exports they also produce a great deal of Gold.

Given that most of the world’s governments are currently cash strapped and are experts at spending other people’s money one wonders about that old saying about cutting off ones nose to spite their face.

I was wondering if the Gold production of Newmont, Freeport and KRM being off the market for any length of time would have much effect on the current Gold price.

If nothing else it was nice to put the three company names into the same sentence.

Cheers and very best regards: Andy

From the link:

Jakarta. Newmont Mining said it will be forced to cut production at its Batu Hijau copper and gold mine in Indonesia from around June 1, if talks with the government remain unresolved over export permits and taxes.
Indonesia in January levied an escalating tax on copper concentrate exports, but both Newmont and fellow miner Freeport-McMoRan Copper & Gold — which account for 97 percent of Indonesia’s copper output — say the rule conflicts with contracts they signed with Indonesia that exempt them from new taxes and duties.
“Batu Hijau’s copper concentrate storage facilities will reach capacity in late May, requiring an orderly ramp down of operations,” Newmont said in a statement.

http://world.einnews.com/article/203620905/as-UxvjwG7tsmF-Q?n=2&code=780PXzyeH4USUFZZ