Newmont Nusa Tenggara pays first royalties
Tuesday, February 22 2000 - 04:30 AM WIB
Copper and gold mining company PT Newmont Nusa Tenggara had paid its first mining royalties amounting to US$418,271.39 to the government, Antara news agency reported.
Company spokesperson Iradati Fuad said in a statement on Monday that the sum include $384,338.57 in copper royalties, $32,480.85 in gold royalties, $1,451.97 in silver royalties.
The royalties payment was related to the maiden exportation of concentrates done by the company on Dec. 12, 1999.
The royalties were paid to the Ministry of Finance through its account at the central bank on Jan. 28, 2000, she said.
The royalties payment was conducted in line with the contract of work between Newmont and the Indonesian government as well as the Ministry of Mines and Energy's decree No. 1166 issued by on Sept. 12, 1996.
Newmont's $1.85 billion copper and gold project in Sumbawa is billed as the world's largest mining greenfield project at present. The company is 45 percent owned by Newmont Indonesia Limited of the United States, 35 percent by Japan's Nusa Tenggara Mining Corporation and 20 percent by Indonesia's Fukuafu Indah, the news agency said. (*)