Newmont and Sumitomo Complete 10% Share Sale of PTNNT for $391 Million;
Government Acknowledges PTNNT has Complied With its Divestiture Obligations

    



    
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<p><location>DENVER</location>, <chron>Nov. 16</chron> /CNW/ -- Newmont Mining Corporation (NYSE: NEM) ("Newmont" or the "Company") today announced that its subsidiary, Newmont <location>Indonesia</location> Limited, together with Nusa Tengarra Mining Corporation ("NTMC") (an affiliate of Sumitomo Corporation), completed the transfer of 10% of PT Newmont Nusa Tenggara ("PTNNT") (3% for the 2006 divestiture and 7% for the 2007 divestiture) to PT Multi Daerah Bersaing ("PTMDB"), a consortium comprised of regional and local governments near the Batu Hijau mine, and PT Multicapital, a private company.  Newmont received its pro-rata 56.25% of the proceeds totaling <money>$391 million</money> earlier today.</p>
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<p>"We are pleased to have concluded the sale of 10% of PTNNT as required under our Contract of Work with the Government of <location>Indonesia</location>," said <person>Alan Blank</person>, Executive Vice President, Legal and External Affairs.  "We are looking forward to working with our new partners for the benefit of shareholders and local communities, with a focus on maintaining industry leading standards for employee safety, responsible environmental management and sustainability."</p>
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<p>In addition, last week Newmont and the Indonesian Government ("Government") agreed to extend the deadline for the sale and transfer of the 2008 (7%) and 2009 (7%) divestiture shares until <chron>November 23, 2009</chron>, to allow the Government additional time to designate a buyer(s).  As part of the agreement to extend the deadline, the Government acknowledged that PTNNT has fulfilled its obligations under the Contract of Work and the arbitration decision.</p>
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<p>"We appreciate the Government's ongoing assistance, and PTNNT and its foreign shareholders will continue working in good faith to complete the divestiture process," said <person>Mr. Blank</person>.  "We stand ready to sell and transfer the 2008 and 2009 divestiture shares to the Government or its designee by <chron>November 23</chron>, 2009."</p>
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<p>Newmont's ownership in Batu Hijau's proven and probable equity reserves (4.1 million ounces of gold and 3.95 billion pounds of copper as of <chron>December 31, 2008</chron>) has been reduced from 45% to 39.375%. This share transfer results in a pre-tax gain of approximately <money>$100 million</money> that will be carried as an increase to equity in Newmont's Consolidated Balance Sheet. In addition, Newmont will continue to consolidate PTNNT.</p>
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For further information: Investors, John Seaberg, [phone], [email protected], or Media, Omar Jabara, [phone], [email protected], both of Newmont Mining Corporation Web Site: http://www.newmont.com