PRESS RELEASE: PTNNT targets Rp344 billion state revenue for 2004

West Sumbawa, 26 March 2004 -- PT Newmont Nusa Tenggara (PTNNT) estimates that tax and non-tax payments from Batu Hijau copper-gold mine operations to the government of Indonesia will be more than Rp344 billion in 2004.

?In PTNNT's 2004 work programs as socialized to the central government and the regional government, we have estimated that state revenue will increase from Rp298 billion in 2003 to Rp344 billion in 2004,? said Robert Humberson, Senior Manager External Relations.

He added that the increase in financial obligation payment would be generated from the increase in copper production and the increased gold price. ?In 2004 PTNNT expects to mine 3,565 million tons and process 1,535 million tons of ore.? Robert Humberson explained.

PTNNT has targeted to achieve a goal of zero fatality in safety performance for 2004. Additionally, as part of ANDAL requirements and PTNNT?s commitment to the environment, PTNNT will continue the concurrent reclamation program on 37.6 hectares land in the Batu Hijau area, initiate a reef-ball construction project for coral reef rehabilitation and fish habitat, and conduct feasibility study on post closure water management.

?Regarding training and development programs, PTNNT will continue to develop local resources by insuring that a minimum of 60% of the workforce is local,? Robert Humberson added.

Regarding community development, PTNNT will work in partnership with the Ministry of Education and local government to improve the quality of education through library and teacher training and the scholarship program, will construct irrigation facilities in three villages, work on village empowerment through a locally administered donation program as well as sanitation and potable water programs, add one mobile library, and continue various farmer, vocational training and business programs.

?We have presented our work plan to the government and received positive and useful feedback for the implementation of the work programs. We expect that in 2004 PTNNT's operations will not be interrupted so that PTNNT can meet the goals of this program and continue to provide contributions to the government and the community,? Robert Humberson said. (end of release)