Newmont pays $23.3m in royalties

The Jakarta Post , Jakarta | Sat, 03/05/2005 12:32 PM | Business

JAKARTA: Copper and gold miner PT Newmont Nusa Tenggara has paid a total of US$23.3 million in royalties on the concentrate exported during last year to the government, the company said on Thursday.

The payment for the fourth quarter of last year of $5.89 million was completed on Jan. 31, which included $4.32 million for copper, $1.53 million for gold, and the rest for silver.

The company, a local subsidiary of the giant U.S.-based Newmont Mining Corporation, began paying royalties to the government in 1999, when it first sent concentrate shipments. It has paid a total of $90.82 million.

The firm operates copper and gold mines in the Batu Hijau area in Sumbawa, West Nusa Tenggara. -- JP

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