Newmont 2002 Indonesian activities

The following is excerpt from Newmont Mining Corporation Q4 and 2002 Results.

2002 and Fourth Quarter Results

Batu Hijau had another impressive year and continues to exceed expectations. Batu Hijau, in West Nusa Tenggara, is now one of the world?s lowest net cash cost copper producers.

For 2002, copper sales were marginally higher (+1 percent) than the prior year, as lower grades were offset by higher throughput. Copper recovery was unchanged at 89 percent. Net cash cost (net of by-product credits) were $0.3 1 a pound, a reduction of 16% from 2001.

For the quarter, copper sales were up 17 percent and gold sales were up 30 percent as higher grades and recovery rates more than offset marginally lower throughput rates.

At Minahasa in North Sulawesi, 147,000 equity ounces were sold at total cash cost of $218 an ounce, both essentially as expected. The operation has ceased mining but production continues from processing of lower grade stockpiles.

Exploration

At Batu Hijau, copper and gold reserves increased by approximately 13 percent, despite using a lower long-term copper price assumption of $0.75 per pound.

Newmont has two operating properties in Indonesia, Minahasa in North Sulawesi province, a gold operation, and Batu Hijau in West Nusa Tenggara province, a producer of copper/gold concentrates. Newmont owns 80 percent of Minahasa. The remaining 20 percent interest is a carried interest held by PT Tanjung Serapung, an unrelated Indonesian company. Newmont has a 45 percent equity interest in Batu Hijau through a partnership with an affiliate of Sumitomo Corporation, which holds a 35 percent interest. The remaining 20 percent is a carried interest held by PT Pukuafu Indah, an Indonesian company. (*)

Summary 2002 Results