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Newmont Provides Update On Export Ban In Indonesia

Stocks in this article: NEM

Since operations began in 2000, PTNNT has paid more than $3 billion in taxes and royalties to the government, in addition to investing approximately $10 million each year toward local economic, infrastructure and social development. Approximately 9,000 people, including employees and contractors, support their families by working at Batu Hijau.

About PTNNT’s Contract of Work and the Export Ban

The Batu Hijau copper and gold mine was developed under an investment agreement called the Contract of Work (CoW), entered into by the Republic of Indonesia and PTNNT.

The CoW details PTNNT’s obligations and rights, including the obligation to produce and the right to export copper concentrate. Despite changes in various laws and regulations over the years, the obligations and rights specified in the CoW have continued to govern operation of the mine. The CoW’s provisions clearly state: ‘The Company shall not be subject to any other taxes, duties, levies, contributions, charges or fees now or hereafter levied or imposed or approved by the Government other than those provided for in this Article and elsewhere in this Agreement.’

While multiple studies have demonstrated that it is not economically viable for the Company to build its own smelter, PTNNT has negotiated and signed conditional concentrate supply agreements with two Indonesian companies that have publicly announced plans to build their own copper smelters in the country.

About Newmont

Founded in 1921 and publicly traded since 1925, Newmont is a leading producer of gold and copper. Headquartered in Colorado, the Company has approximately 40,000 employees and contractors, with the majority working at managed operations in the United States, Australia, New Zealand, Peru, Indonesia and Ghana. Newmont is the only gold company listed in the S&P 500 index and in 2007 became the first gold company selected to be part of the Dow Jones Sustainability World Index. Newmont is an industry leader in value creation, supported by its leading technical, environmental, and health and safety performance.

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