US-based Newmont Mining Corp. said on Wednesday it would receive US$$80 million as part of a settlement of a dispute centering on a joint venture with the Republic of Uzbekistan.

Under the terms of the settlement, Newmont, the world’s second-largest gold miner, will transfer its stake in the Zarafshan-Newmont venture to Uzbekistan, the company said in a filing with the US Securities and Exchange Commission.

The company had already written off the value its stake last September.

A year ago, Uzbek authorities seized gold and some of the assets belonging to the venture and launched two tax claims for payments it said were due between 2002 and 2005.

Newmont said none of the parties admitted liability in connection with any of the matters in the dispute.