Newmont and Government of Indonesia File for International Arbitration in Relation to Divestiture Process Under Contract of Work

    DENVER, March 3 /CNW/ -- Newmont Mining Corporation (NYSE:   NEM) today
announced that PT Newmont Nusa Tenggara (PTNNT), its Indonesian affiliate, and
the Government of Indonesia filed notices for international arbitration, as
provided for under the Contract of Work, to resolve claims by the Indonesian
government that PTNNT has not complied with its divestiture obligations.
    "We are confident that we are in compliance with the Contract of Work and
have invoked its dispute resolution mechanism to ensure our rights are
protected," said Richard O'Brien, President and Chief Executive Officer of
Newmont. "We have worked diligently and in good faith to complete the sale of
PTNNT's shares to Indonesian participants in accordance with the requirements
of the Contract of Work, and will continue to do so even though arbitration
notices have been filed. We remain committed to resolving this issue in a fair
and transparent manner in accordance with the Contract of Work."
    In its filing, the Government of Indonesia acknowledged that the Contract
of Work cannot be terminated until, and if, the arbitral tribunal would find a
default and determine that termination would be a proper remedy. "While our
preference is to work out an amicable solution to divestiture," added Mr.
O'Brien, "we are pleased that the Indonesian government has recognized the
sanctity of the Contract of Work, including its dispute resolution
    The foreign shareholders of PTNNT reached agreement on January 28, 2008
with a local government to sell a 2% interest in PTNNT. Efforts to reach
agreements to divest the additional 8% from the 2006 and 2007 divestiture
shares continue. The foreign shareholders have expressed concerns in regard to
the integrity of the divestiture process in light of last Friday's report in
the Financial Times that a non-government business enterprise was working to
acquire divestiture shares through the local governments right of first
refusal. Under the Contract of Work, the Indonesian government, acting as and
for the government and its constituents, has a right of first refusal to buy
the divestiture shares; however, the foreign shareholders contend that
non-Government interests are not entitled to the benefit of that right of
first refusal.
    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 and expectations 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 2007 Annual Report on Form 10-K, filed February 21, 2008,
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: Investor, John Seaberg, +1-303-837-5743,, or Media, Omar Jabara, +1-303-837-5114,, both of Newmont Mining Corporation Web Site:

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