Indonesia Isn't the Problem for Newmont Mining Corp
While the export tax issue in Indonesia gets all the press, the real reason Newmont Mining (NYSE: NEM ) continues to hit new 52-week lows is related to gold prices. Though facing the same issue in Indonesia, Freeport-McMoRan Copper & Gold (NYSE: FCX ) has seen some bounce-back with a bigger focus on copper and oil.
Both miners export a considerable amount of material from Indonesia and have so far failed to obtain export licenses or waivers on the new export tax. Back in January, the Indonesian government entered an order for punitive taxes for miners that don't process materials in the country. While Freeport-McMoRan has publicly discussed plans of potentially building a smelter, Newmont hasn't done the same.
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