Newmont Nusa Tenggara pays US$23.3 million for 2004 royalty

Copper and gold mining company PT Newmont Nusa Tenggara (PTNNT) said Thursday it had paid to the government a total of US$ 23.3 million for royalties in 2004 of which around $5.89 million was paid for the concentrate shipped from October to December 2003.

The company said in a statement that $4.32 million of the total royalties in the fourth quarter this year were paid for copper production, $1.53 million for gold production and $42,560.29 for silver production.

The total royalty paid by PTNNT, which started its commercial production in the Batu Hijau gold and copper mine in 1999, has so far reached $90,82 million, the company added. (Robert)