Newmont pays royalty

Copper and gold miner PT Newmont Nusa Tenggara (NNT) paid royalty amounting to US$3.12 million to the Indonesian government late April 2007, Kontan Daily reported.

 

Royalty remitted to Finance Minister's Account No. 508.000.071 at Bank Indonesia Jakarta resulted from the shipment of mineral products, namely copper, gold and silver in the first quarter of this year.

 

NNT has paid royalty amounting to US$130.98 million to Indonesia since the maiden shipment of concentrates in 1999.

 

NNT’s current shareholders are Newmont Mining Corp (45 percent), local company PT Pukuafu Indah (PI) which controls 20 percent and a consortium led by Japan’s Sumitomo (35 percent).

 

Earlier, Newmont Mining Corp. reported that first quarter 2007 copper and gold production from its Batu Hijau mine in West Nusa Tenggara increased to 96 million pounds and 88,000 ounces, respectively, from 94 million pounds and 83,000 ounces produced in the same quarter last year.

 

Copper and gold sales during the period by 12% and 15%, respectively to 91 million pounds and 84,000 ounces, the company said in April 26.(*)