Freeport-McMoRan Inc. (NYSE:FCX) halted copper exports from its massive Grasberg mine after the government refused to extend an exemption to its letter-of-credit export mandate. Earlier this year, Indonesia adopted regulations requiring all export sales of concentrates be arranged through letters of credit with payments attain through a foreign exchange bank located in Indonesia. Freeport says its contract of work with the government does not require such letters of credit, but it wants to comply as strictly as possible with all local laws.
It had before been granted a six-month exemption from the regulation, but that expired on July 25th, and since it has not heard back from the government on another extension, it halted its copper exports. U.S. miner firm recently reported that it predictable the resumption of copper concentrate exports from Indonesia to be delayed additional while buyers adjusted to rules that stopped shipments from its Grasberg complex last month. While, Freeport-McMoRan Inc. (NYSE:FCX) closed at $9.92 with plummets of -3.12% in last trading session. The firm has annual sales growth for the past five year of 7.30%. While past twelve months price to sales ratio recorded as 0.55 and price to cash ratio remained 22.86