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Market: TSX, NYSE, ASX
Sector: Gold Mining
Epic: TSX:NMC
News: Latest news
Web Site: Newmont Mining
Other Articles: 23-01-201011-01-201029-12-2009

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Newmont Mining

Newmont Mining

Employing approximately 34,000 employees and contractors worldwide, Newmont Mining operates core assets in North America, South America, Australia, Indonesia, and Ghana, with new mine projects currently being developed.  Newmont Mining is one of the world's largest gold producers.
Friday, July 24, 2009

Newmont's Batu Hijau stake divestitures inch closer to resolution

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By Dorothy Kosich, Mineweb.com

As PT Newmont Nusa Tenggara said it may slow mining activity at Indonesia's Batu Hijau mine due to permitting delays, Newmont Mining CEO Richard O'Brien insisted Thursday that "significant progress has been made" over divestiture issues involving the copper and gold mine.


Although the request to renew a forestry permit that would allow Newmont Nusa Tenggara (NNT) to clear land for Batu Hijau mine waste disposal was submitted in 2004, the permit has yet to be renewed.


Coincidentally, Newmont and its joint venture partner Sumitomo have been ordered by an arbitration court to sell part of their NNT stake to local investors or to federal or local governments within six months. The Indonesian Government and NNT agreed last week to value NNT's assets at US$3.52 billion, down from Newmont's valuation at $4.9 billion.


During a conference call with analysts Thursday, O'Brien said the partnership has determined the financial value of 3% share from 2006 and 7% of PTNNT shares from 2007 to be divested by the partnership in local and regional governments. The 3% stake has been valued at US$109 million and the 7% stake at $282 million.

Mineweb is a web-based international mining publication focusing on mining financial and corporate news and comment.


O'Brien said Newmont is waiting for the Indonesian Government and local governments to designate buyers for the divestiture shares. The Indonesian Government must also approve the transfer of the shares.


‘We have done everything we need to do," O'Brien stressed, as the partnership now waits for instructions from the Indonesian Government. However, he noted, there is a "lot of cooperation as both the government and PTNNT are working to get things done."

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