NEWMONT MINING $26.31 (New York symbol NEM; Shares outstanding: 498.8 million; Market cap: $13.3 billion; TSINetwork Rating: Average; Dividend yield: 0.4%; www.newmont.com) recently shut down its 48.5%-owned Batu Hijau copper/gold mine in Indonesia.
The move was in response to the Indonesian government’s ban on raw material exports, which is aimed at pushing miners to process more ore in the country.
Newmont has now agreed to develop a new smelter with Freeport-McMoRan Inc. (New York symbol FCX), which also operates a copper mine in Indonesia. In addition, Batu Hijau has signed new deals to supply copper to two Indonesian companies that plan to build their own smelters. These developments should let Batu Hijau comply with the new regulations. The mine will probably reopen in the next few weeks.
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