Newmont and Sumitomo Complete 7% Share Sale of PTNNT for Approximately $247
Million

    


    
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<p><location>DENVER</location>, <chron>Dec. 14</chron> /CNW/ -- Newmont Mining Corporation (NYSE: NEM) ("Newmont" or the "Company") today announced that its subsidiary, Newmont <location>Indonesia</location> Limited ("NIL"), together with Nusa Tenggara Mining Corporation ("NTMC") (an affiliate of Sumitomo Corporation), completed the sale of 7% of PT Newmont Nusa Tenggara ("PTNNT") for the 2008 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.</p>
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<p>Upon completion of this sale, Newmont received approximately <money>$139 million</money> in cash, reflecting its 56.25% portion of the <money>$247 million</money> sale price. This is in addition to <money>$220 million</money> in proceeds for Newmont from the 10% PTNNT divestiture share sale concluded on <chron>November 16, 2009</chron>. This share transfer results in a pre-tax gain of approximately <money>$70 million</money> that will be carried as an increase to equity in Newmont's Consolidated Balance Sheet.</p>
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<p>"We are pleased the 2008 divestiture share sale is now complete, as we continue to fulfill the obligations outlined in our Contract of Work with the Government of <location>Indonesia</location>," said <person>Alan Blank</person>, Executive Vice President, Legal and External Affairs. "We look forward to working with our new partners for the benefit of our shareholders and local communities, with a focus on maintaining industry leading standards for employee safety, environmental management and social responsibility."</p>
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<p>A PTNNT shareholder meeting will be held to approve the transfer of the 7% divestiture shares. In addition, the shareholder meeting will approve the Mine Operator Agreement previously signed between NIL, NTMC and PTMDB, consider and approve a name change for PTNNT and increase the size of the Board of Directors. Newmont and Sumitomo continue to retain control of all mining decisions and the Board of Directors.</p>
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<p>With the close of the 2008 divestiture share transfer, Newmont's ownership in the Batu Hijau mine has been reduced from 39.375% to 35.44%.</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