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Last Updated : 09 September 2009 at 19:00 IST

Newmont’s PTNNT wins land-use permit

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Commodity Online
Newmont Mining Corp.'s (NYSE:NEM) Indonesian unit PT Newmont Nusa Tenggara (NNT) has announced that it has gained an essential land-use permit which will facilitate its mining operation as planned.

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Newmont Mining Corp. is primarily a gold producer with significant assets or operations in the United States.

The land-use permit is valid for a period of 20 years and it provides certainty for the operation to continue its performance as previously planned in the Contract of Work with the Government of Indonesia.

NNT operates the Batu Hijau copper and gold mine in Sumbawa island, in Eastern Indonesia. It anticipates a production of 455 million pounds of copper concentrate as for2009, up from 284 million pounds in 2008.

NNT also plans to produce 486,000 ounces of gold for 2009, increasing 80.6% from 269,000 ounces in 2008.

Newmont is currently trading at 45.46 losing 0.53% at New York Stock Exchange as on Wednesday. It touched a 52-week high of 49.84 and low of 21.17.