PTNNT announced first quarter royalty payment of Quarter I, 2000

PT Newmont Nusa Tenggara (PT NNT) today announced that the company paid its first quarter royalty payment (January - March 2000) totaling US$ 2,518,567.10 (two million, five hundred and eighteen thousand, five hundred and sixty seven US dollars and ten cents). The royalty deposit was made to an account of the Finance Department of the Government of Indonesia at Bank Indonesia.

"We are very satisfied that we can fulfill our royalty payment obligation as planned and we'd like to thank various parties such as local government, related government's offices and central government for their support and cooperation," said Tom Enos, President Director of PT NNT.

The royalty payment was made on April 26, 2000 (proof of transfer attached) and constitutes the second royalty payment made in this year.

The first royalty payment was made in January 2000 and was the result of the company's first concentrate sales, completed on December 12, 1999 totaling US$ 418,271.39. This means that to date PT NNT has paid royalties totaling US$ 2,936,838.49 (two million, nine hundred thirty six thousand, eight hundred and thirty eight US dollars and forty nine cents).

The royalty payment is in line with the Contract of Work between PTNNT and the Government of Indonesia (article 13) and Decree of the Minister of Mines and Energy No. 1166.K/B44/M.PE/1992 of September 12, 1992, Article 7 Paragraph 2. "Until the new regulations on royalty payment take place, the royalty is paid directly to the central government," Enos further explained.

The payment comprises royalties on:

"Based on our commitment to be transparent, the royalty payment reporting will be one of our ongoing efforts to provide the public with accurate information on the development of the company's operations, particularly in its financial obligations," added Enos.

PT NNT is committed to continuing a transparent and honest dialog with the local communities about all the subject that affect their lives. (*)