Word: newmont
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...TIME: Five executives of the local subsidiary of the U.S. company Newmont Mining Group were jailed for a month because of alleged environmental violations. Will such actions hurt foreign investment in Indonesia? YUDHOYONO: The chief of police reported to me about the Newmont case. I asked that the legal process be carried out fairly. If the case is handled fairly, without any political interference, it will be good for business and investment. I have asked that all the evidence be presented in court. We don't want any deviation in the legal process. We want all the involved parties...
...TIME: Are you concerned that the recent case of five Newmont mining executives being detained for a month by police because of suspected pollution by the company could hurt the investment climate in Indonesia? SBY: The Chief of Police reported to me three days ago about the Newmont case. I asked that the legal process be carried out fairly. If the handling of the case is carried out fairly, without any political interference, and is acceptable to all parties, it will be good for the business and investment climate. I have asked that all the evidence be considered in court...
IDENTIFY LIKELY WINNERS Gold stocks (Barrick, Newmont) and oil services and drillers (Anadarko, Schlumberger) tend to rise amid global turmoil. They also benefit from the kind of global expansion we're now seeing (led by China). Traditional safe-haven stocks like drugs (Pfizer, Merck), tobacco (Altria) and beverages (Anheuser-Busch) would hold up relatively well, and may come into favor anyway because they pay decent dividends...
Stock pickers should consider steel (Nucor, International Steel Group), fertilizer (Agrium), farm equipment (Deere), coal (Peabody), precious metals (Newmont Mining), paper goods (International Paper, MeadWestvaco) and energy (ExxonMobil). Then, when the prices you pay at the counter go up, so should your portfolio...
...stalling at least 10 mining-investment projects in Peru that are worth $1.4 billion. In the northern town of Cajamarca, whose decade-old Yanacocha gold mine is the world's second largest, residents are loudly demonstrating against expansion plans by the mine's U.S. co-owner, Denver-based Newmont Mining Corp. (2002 revenues: $2.75 billion). Yanacocha mined 2.3 million oz. of gold last year and earned $700 million, but 75% of the town's population lives in poverty. Cajamarca resident Silvio Suarez likes to show tourists the "ransom room," a stone building that the last Inca Emperor, Atahualpa, filled with...