Newmont Demands Compensation from Pukuafu

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Monday, 25 April 2011 10:39

Theindonesiatoday.com - Newmont demands compensation payment of US$11 million from PT Pukuafu Indah following SINGAPORE International Arbitration Center (CIAC) ruling on April 7th.

Kontan.co.id quoted Blake Rhodes, vice president and deputy general counsel of Newmont Mining, welcomed the arbitration ruling which declared Pukuafu had violated a commitment to not file a lawsuit against Newmont Mining Corporation and its subsidiary in Indonesian courts.

Rhodes hopes Pukuafu abide by the decision to withdraw the lawsuits and pay a compensation of US$11 million to recover the costs. If Pukuafu refuses to abide by the ruling, Newmont plants to take legal action to ensure the execution of the ruling.

Alexander Yopie, manager for government and public relations at Pukuafu, admitted the company had on November 26, 2009 signed an agreement with Newmont. Under the agreement, Pukuafu willing to withdraw its lawsuit in Indonesia against Newmont in relation to the divestment of 31% shares in PT Newmont Nusa Tenggara. "But with provision that the case does not contain criminal issues," Yopie said.

Pukuafu, however, believes criminal issues in the divestment process and therefore considered the agreement with Newmont invalid in the case. Pukuafu has yet to receive the SIAC ruling, but plan to take further legal challenge. (Theindonesiatoday.com)

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