Newmont Mining Corporation (NYSE: NEM) (Newmont or the Company) successfully completed the sale of its ownership stake in PT Newmont Nusa Tenggara (PTNNT), which operates the Batu Hijau copper and gold mine in Indonesia, to PT Amman Mineral Internasional (PTAMI). The asset's name now changes to PT Amman Mineral Nusa Tenggara (PTAMNT). Newmont received total consideration of $1.3 billion for its 48.5 percent economic interest in PTNNT. This amount is comprised of gross cash proceeds of $920 million and contingent payments of $403 million tied to higher copper prices and any future development of the Elang deposit. Nusa Tenggara Mining Corporation, majority owned by Sumitomo Corporation, also sold its 24.5 percent ownership stake to PTAMI. Newmont and PTAMI have worked cooperatively throughout the sales process and developed a productive relationship. "Newmont has been a long-term partner with the government of Indonesia and we support the new owner as they take responsibility for the asset and its team," said Gary Goldberg, President and Chief Executive Officer. "Selling our ownership stake in PTNNT streamlines our portfolio and allows us to focus on assets that best match our capabilities for creating value and managing risk. We will use sale proceeds to continue self-funding our highest margin projects, retiring debt and paying competitive dividends. With the sale completed, our long-term cost and production outlook remains stable, and approximately three quarters of our gold reserves are now based in the United States and Australia. We appreciate the support of the Batu Hijau team, PTAMI, local and national government leaders, our host communities and our partners in completing the sale, and will continue to work together to effect a smooth transition." Batu Hijau was classified as held for sale and reported as a discontinued operation in Newmont's third quarter and prior period financial results. Newmont's adjusted net income including attributable net income from Batu Hijau would have been $0.51 per share 1. The Company reported GAAP net income attributable to Newmont stockholders from continuing operations of $0.32 per share; and adjusted net income of $0.38 per share 1 in the third quarter. Newmont has generated $2.8 billion in fairly valued asset sales, advanced five organic growth projects, and lowered net debt by 56 percent since 2013 with the completion of this sale. The Company's balance sheet, free cash flow generation, and project pipeline remain among the strongest in the gold sector. Newmont recently completed its Merian project in Suriname on schedule and $150 million below budget and its Cripple Creek & Victor expansion, and is progressing a new mine at Long Canyon and expansions at Tanami and Carlin. Taken together, these projects are expected to add one million ounces of lower cost gold production over the next two years. About Newmont Newmont is a leading gold and copper producer. The Company's operations are primarily in the United States, Australia, Ghana, Peru and Suriname. Newmont is the only gold producer listed in the S&P 500 Index and was named the mining industry leader by the Dow Jones Sustainability World Index in 2015 and 2016. The Company is an industry leader in value creation, supported by its leading technical, environmental, social and safety performance. Newmont was founded in 1921 and has been publicly traded since 1925.