The Wall Street Journal-20080215-Newmont Mining Corp-- Indonesia Won-t Extend Deadline for Divestment Order

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Newmont Mining Corp.: Indonesia Won't Extend Deadline for Divestment Order

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Indonesia won't extend a Feb. 22 deadline for a unit of Newmont Mining Corp., of Denver, to divest itself of a 10% stake to local authorities, Indonesian Director-General of Mineral Resources Simon Sembiring said. But whether the company's contract to operate in Indonesia will be terminated following failure to abide by the deadline remains unclear. The unit was to have divested itself of the stake last year to local government entities, but wrangles over who is eligible to purchase the stakes have stalled the process.