Newmont Indonesia Unit Royalties To Government Triple In 4Q Vs 3Q

Royalties paid to the Indonesian government by Newmont Mining Corp.'s (NEM) Indonesian unit on its mineral production almost tripled in the fourth quarter from the preceding period, a document from the company showed.

Royalties from PT Newmont Nusa Tenggara, known as PTNNT, rose to IDR48.8 billion ($4.13 million) in the three months to Dec. 31 from IDR14.8 billion in the third quarter.

The company also said in a statement that its combined royalties, taxes and non-tax payments rose 83% in 2008 to IDR4.22 trillion.

Combined royalties, taxes and non-tax payments in the fourth quarter was IDR871.9 billion, 13.7% higher than IDR767.2 billion in the third quarter, the statement said.

The statement didn't elaborate on the reason for the higher payments, and PTNNT officials weren't available to respond to media queries.

PTNNT operates the Batu Hijau gold and copper mine in Indonesia's Sumbawa province, which contains 1.1 billion tons of mineral ore. The mine has proven and probable reserves of 7.65 million ounces of gold and 7.19 billion pounds of copper.

-By Reuben Carder, Dow Jones Newswires; 62 21 3983 1277; [e-mail]