Newmont pays royalties totaling US$2.6 million in 2nd quarter
Friday, August 25 2000 - 03:30 AM WIB
PT Newmont Nusa Tenggara, a gold and copper mining company based in Batu Hijau, Sumbawa, West Nusa Tenggara paid royalties amounting to US$2.6 million (1US$=Rp 8,400) to the government during the second quarter of this year, Antara reported on Friday.
The company's spokesperson Iradati Fuad said in Mataram on Thursday that the royalties consisting of US$2.4 million from copper production, US$160,400 from gold and US$11,400 from silver, had been transferred to the account of Minister of Finance at Bank Indonesia on July 31.
Iradati said that the royalties payment was based on the company's contract of works and the regulation issued by Minister of Mines and Energy No: 1166.k/B44/M.PE/1992. She said that the company would continue to pay the royalties through the central government in accordance with the existing regulation.
The royalties paid in the April -June period was the third royalty payment since Newmont began its production in the province. The first royalties worth US$418,200 were paid in January while the second royalties worth US$2.5 million were paid in April 29.
Iradati said that the royalties paid by Newmont to the Indonesian have reached a total of US$5.5 million since January this year. (*)