Newmont and Sumitomo Enter into an Agreement to Sell an Additional 14% Share
Sale of PTNNT for $494 Million

    


    
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<p><location>DENVER</location>, <chron>Nov. 23</chron> /CNW/ -- Newmont Mining Corporation (NYSE: NEM) ("Newmont" or the "Company") today announced that its subsidiary, Newmont <location>Indonesia</location> Limited, together with Nusa Tenggara Mining Corporation ("NTMC") (an affiliate of Sumitomo Corporation), have agreed to sign a sale and purchase agreement for an additional 14% of PT Newmont Nusa Tenggara ("PTNNT") (7% for the 2008 divestiture and 7% for the 2009 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.  Proceeds will total approximately <money>$494 million</money>. The 2008 share transfer will be completed upon approval from the Government of <location>Indonesia</location>. The 2009 share transfer is expected to follow shortly thereafter.  A PTNNT shareholder meeting will be held following the closing of the 2008 shares to approve the transfer of the 2009 shares.</p>
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<p>"We are pleased to have reached an agreement in regards to the sale of an additional 14% 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.  "With our new partners, we remain committed to ensuring the world-class Batu Hijau copper and gold mine's long-term success, while maintaining the same industry leading standards for employee safety, responsible environmental management and sustainable social investments for our host communities."</p>
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<p>In conjunction with the sale, Newmont and NTMC also signed a Mine Operating Agreement with PTMDB, which will become effective upon the closing of the 2009 share sale. The agreement will adopt all Newmont standards of mine operations.</p>
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For further information: investors, John Seaberg, [phone], [email protected], or media, Omar Jabara, [phone], [email protected] Web Site: http://www.newmont.com