Reuters: Regulatory News: Newmont says not affected by new Indonesia export tax

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Newmont says not affected by new Indonesia export tax May 3rd 2012, 12:17 JAKARTA | Thu May 3, 2012 8:17am EDT JAKARTA May 3 (Reuters) - Newmont Corp's Indonesian copper and gold mine will not be affected by a new government duty on raw metal exports, the firm's Indonesia chief said on Thursday, because of a long-standing contract meant to protect it from tax changes. Indonesia's government said on Thursday it will impose an average 20 percent duty on 14 mineral ore exports including copper and gold from Sunday, slightly lower than expected but enough to hurt miners currently not paying any export taxes. "The fact is that it is not what business wants ... but I think over time a middle path will be found," said Martiono Hadianto, chief executive of Newmont Nusa Tenggara and also chairman of the Indonesia Mining Association. Newmont runs the country's second-largest copper and gold mine. Hadianto said the tax was aimed at firms with newer mining business permits.

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