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Article

24 Jul 2007

Author:
AP

Newmont bullish on Indonesia despite recent pollution trial, sabotage

Newmont Mining...wants to expand investment in Indonesia despite concerns about sabotage at one of its exploration sites and an ongoing legal battle against a top U.S. executive over alleged pollution."We're here for the long-run," [said] Chief Executive Officer Richard T. O'Brien...Newmont wants to put in a third grinding mill…and is considering opening another mine to the east, although drilling has been suspended since March when protesters set fire at an exploration site…"We need to make sure these people want us there, that they want a mine and all the opportunities that come with that," O'Brien said…A draft mining bill moving its way slowly through Indonesia's legislature also has made many foreign mining companies nervous. It would replace the Suharto-era system under which mining contracts were signed between the central government and corporations, requiring them to instead to negotiate joint ventures with local partners and governments.