JAKARTA Aug 26 Newmont Mining Corp has
withdrawn its international arbitration filing against the
Indonesian government, the industry minister said on Tuesday, in
a possible sign of a breakthrough over its seven month dispute
that halted exports.
Newmont's Indonesian CEO Martiono, CEO Newmont said it had
reached a "constructive solution" over new mining rules, and
expects to resume production at its copper mine soon.
U.S.-based Newmont, which declared force majeure at its Batu
Hijau copper mine in June and then filed for arbitration in
July, is in dispute with the Indonesian government over an
export tax imposed in January that the U.S.-based miner says
conflicts with its mining contract.
"I heard Newmont's lawyer has withdrawn the case a few days
ago," Indonesia's Industry Minister Mohamad Hidayat told
Reuters, adding that investment board chief Mahendra Siregar had
confirmed the news.
(Reporting by Wilda Asmarini, Yayat Supriatna and Michael
Taylor; Editing by Louise Heavens)