Indonesia Wins Gamble Over Ore Export B…

Indonesia appears to have won its gamble to force multinationals to raise the domestic value of their operations after a complete ban on raw mineral ore exports until the multinationals agreed to process their exports domestically. The Denver, Colorado-based Newmont Mining Corp., parent of PT Newmont Nusa Tenggara, said in a printed statement earlier this week that it was withdrawing its suit at the International Center for Settlement of Disputes “based on encouraging developments.” But it didn’t say what those encouraging developments were, other than “commitments from senior government officials to open formal negotiations to conclude a memorandum of understanding.”

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