Release: NNT: Indonesian court rules against PTPI

(Jakarta, October 11, 2010)--PT Newmont Nusa Tenggara today announced that the Central Jakarta District Court delivered a verdict dismissing litigation commenced by PTPI against PTNNT and the Government of Indonesia (?Government?).

The District Court ruled that PTPI has no legal standing to commence proceedings challenging the 2009 arbitration award that ultimately resulted in subsidiaries of Newmont Mining Corporation and Sumitomo Corporation, as the foreign shareholders in PTNNT, divesting a 24% stake to PT Multi Daerah Bersaing, as directed by the Government. The Court also ruled that PTPI?s proceedings were obscure and unclear in certain respects and that PTPI?s legal arguments were not consistent with the relief it sought.

?We are pleased with the District Court?s ruling dismissing these proceedings on the basis that PTPI did not have legal standing to challenge the award?, said Martiono Hadianto, President Director of PTNNT. ?This means the arbitration award is a valid basis for the foreign shareholders? lawful divestiture of a 24% interest in PTNNT to the party nominated by the Government of Indonesia. We are also pleased with the Court?s decision that PTPI?s challenge to the 2009 arbitration is obscure and unclear, particularly as to PTPI?s claim for damages and other relief.?

A final 7% interest in PTNNT will be divested by the foreign shareholders this year. (end of release)