REPUBLIKA.CO.ID, JAKARTA - PT Newmont Nusa Tenggara, a copper-gold mining company in West Nusa Tenggara, has dropped its lawsuit to Indonesia through international arbitration related to the cooper concentrate export ban.

Newmont Nusa Tenggara's spokesperson Rubi W Purnomo released in a press statement on Wednesday that the withdrawal of lawsuit from International Centre for Settlement of Investment Disputes was based on a commitment made by Indonesian senior officials to renegotiate the Memorandum of Understanding (MoU) on export regulation. According to Purnomo  the renegotiation of MoU will be followed by the starting of cooper-gold production in the mining site.

Purnomo also noted that Newmont Nusa Tenggara was committed to continuing a long-term cooperation with the government and the people of Indonesia.

In July 2014, PT Newmont Nusa Tenggara and Nusa Tenggara Partnership BV, as the majority shareholder, whose corporate based on the Netherlands law had sued Indonesia to the international arbitration related to the concentrate export ban. President director of Newmont Nusa Tenggara Martiono Hadianto noted that the export ban had caused copper-gold mining activities to be stopped.

Hadianto stated that the new regulations related to export, duty, and concentrate export ban, which will begin in January 2017, were not in line with the work contract and bilateral investment agreement between Indonesia and the Netherlands.

Through the lawsuit, Newmont Nusa Tenggara had demanded an intermediate decision, so that they could re-export cooper concentrate and the mining activities could be re-operated. The mining operation of Newmont Nusa Tenggara was based on the Work Contract Generation IV signed on December 2, 1986.

Majority of Newmont Nusa Tenggara's shares (56 percent) is owned by Nusa Tenggara Partnership BV, Newmont Mining Cooperation, and Nusa Tenggara Mining Corporation of Japan. The other shareholders are PT Pukuafu Indah (17.8 percent), PT Multi Daerah Bersaing (24 percent), and PT Indonesia Masbaga Investama (2.2 percent)

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