Freeport sees no quick fix to Indonesian copper export stoppage

JAKARTA Aug 14 U.S. miner Freeport-McMoRan said on Friday it expected the resumption of copper concentrate exports from Indonesia to be delayed further while buyers adjusted to rules that stopped shipments from its Grasberg complex last month.

Earlier this year Indonesia introduced rules making it compulsory for exporters of coal, palm oil, oil and gas and minerals to use letters of credit from domestic banks in an effort to improve transparency and increase export earnings.

Freeport obtained an exemption from the rule that expired on July 25.

"We are trying to accommodate what the government says. It's a matter of procedures we have to introduce to our buyers," Freeport Indonesia spokesman Riza Pratama told Reuters. (Reporting by Fergus Jensen; Editing by Alan Raybould)