Newmont Mining Corporation

Jakarta, Indonesia - An international arbitration panel reviewing the dispute pertaining to the divestiture of PT Newmont Nusa Tenggara's (PTNNT) shares delivered its ruling on March 31, 2009. The panel ruled that the Government of the Republic of Indonesia (Government) was not entitled to terminate PTNNT's Contract of Work (CoW), while also finding that PTNNT's foreign shareholders had not followed the divestiture process required in 2006 and 2007.

The panel granted PTNNT's foreign shareholders 180 days from the date of the decision to work with the Government to transfer the shares in PTNNT for 2006 and 2007 to the Government or its designee. The panel also confirmed that the Government has a right of first refusal with respect to the 2008 shares.

Newmont, as a foreign shareholder in PTNNT, together with Nusa Tenggara Mining Corporation, an affiliate of Sumitomo Corporation of Japan, is required under the CoW with the Government to sell down a portion of our interest in PTNNT to qualified Indonesian participants.

A dispute arose last year in relation to the process for divesting PTNNT's shares for 2006 (3 percent) and 2007 (7 percent). To resolve the dispute and clarify the path forward for divesting the shares in a fair and transparent manner, the Government and PTNNT submitted the matter to international arbitration, as provided for under the CoW.

"We are currently reviewing the decision and look forward to outlining a path forward with the Government to implement the arbitration panel's decision," said Richard O'Brien, president and chief executive officer. "We are committed to following the divestiture process as required under the CoW and clarified in the decision."