Newmont Affirms Commitment to a Fair and Transparent Divestiture Process and to Protecting Its Property Rights at Batu Hijau in Indonesia

    DENVER, Feb. 13 /CNW/ -- Newmont Mining Corporation (NYSE:   NEM) affirmed
today the Company's commitment to a fair and transparent divestiture process,
as prescribed under the terms of the 1986 Contract of Work with the Indonesian
    Newmont and Nusa Tenggara Mining Corporation ("NTMC"), an affiliate of
Sumitomo Corporation, have to divest, collectively, a 31% stake in PT Newmont
Nusa Tenggara ("PTNNT") to Indonesian parties. Newmont and NTMC currently have
a combined 80% ownership interest in PTNNT, with Newmont's individual interest
at 45% and NTMC's at 35%. The remaining 20% of PTNNT is owned by an unrelated
Indonesian company. PTNNT owns and operates the Batu Hijau mine.
    Newmont is committed to meeting its divestiture obligations under the
Contract of Work. In accordance with the Contract of Work provisions, Newmont
and NTMC offered to sell a 3% interest in the mine to the Indonesian
Government for $109 million in 2006, and a further 7% to the Indonesian
Government for $282 million in 2007. After the Indonesian Government chose to
decline the offers, the Indonesian Ministry of Energy and Mineral Resources
requested that shares in PTNNT be offered to local government entities. While
different views developed in regard to the capacity in which the local
government entities act, and therefore whether they have a contractual right
to acquire shares, Newmont and NTMC have engaged in ongoing efforts to divest
shares to the local governments. On January 28, 2008, Newmont and NTMC signed
an agreement to transfer a 2% interest in PTNNT to an entity controlled by the
Kabupaten Sumbawa government. Newmont and NTMC continue to work closely with
local government entities and other Indonesian parties to conclude the sale of
the remaining 8% interest in PTNNT currently on offer.
    Notwithstanding Newmont's and NTMC's ongoing efforts to complete the
divestiture process as outlined in the Contract of Work, the Indonesian
Ministry of Energy and Mineral Resources issued a letter of default to PTNNT
on February 11, 2008, claiming that PTNNT has failed to perform its
divestiture obligations under the Contract of Work.
    Richard O'Brien, President and Chief Executive Officer said, "We
fundamentally dispute and firmly disagree with the allegation that PTNNT has
breached its Contract of Work. We have worked diligently to divest PTNNT's
shares to the local Indonesian governments, as highlighted by our recent
agreement with Kabupaten Sumbawa. We remain committed to working closely with
the local governments and other strategic partners to fulfill our divestiture
obligations under the Contract of Work.
    However, we remain equally committed to protecting our property and
contractual rights against any unfounded allegations of default or
noncompliance. Our priority remains the transparent, fair and orderly
divestiture of our shares as stipulated in the Contract of Work. We expect the
Indonesian authorities to respect our rights under the Contract of Work, and
we will vigorously enforce and defend these rights as necessary."
    Cautionary Statement:
    This news release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended that are intended to be
covered by the safe harbor created by such sections. Such forward-looking
statements include, without limitation, statements regarding the Company's
intentions relating to the divestiture process. Where the Company expresses or
implies an expectation or belief as to future events or results, such
expectation or belief is expressed in good faith and believed to have a
reasonable basis. However, forward-looking statements are subject to risks,
uncertainties and other factors. For a detailed discussion of risks, see the
Company's 2006 Annual Report on Form 10-K, filed February 26, 2007, which is
on file with the Securities and Exchange Commission, as well as the Company's
other SEC filings. The Company does not undertake any obligation to release
publicly revisions to any "forward-looking statement," to reflect events or
circumstances after the date of this news release, or to reflect the
occurrence of unanticipated events, except as may be required under applicable
securities laws.

For further information:

For further information: Omar Jabara, +1-303-837-5114,, or Investor Contact, John Seaberg, +1-303-837-5743, Web Site:

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