Newmont: Local Governments To Buy Stake In Indonesia Unit For
391 Million
JAKARTA -(Dow Jones)- Newmont Mining Corp. (NEM) has agreed to sell 10% of its
Indonesian unit to local governments for $391 million, a company official said
late Friday.
The 10% stake in PT Newmont Nusa Tenggara, or PTNNT, was scheduled to be
divested in 2006 and 2007, spokesman Rubi Purnomo said in a text message.
Newmont is scheduled to divest 51% of PTNNT to local buyers by next year, but
difficulties in negotiations with potential buyers have delayed the process.
Newmont has a 45% stake in PTNNT and Sumitomo Corp. (8053.TO) has 35%, while a
local mining group owns the remaining 20%.
The consortium that is buying the PTNNT stake includes the governments of West
Nusa Tenggara province and West Sumbawa and Sumbawa regencies, the three areas
in which PTNNT's Batu Hijau copper and gold mine is located, as well as
financial firm PT Multicapital.
-By Deden Sudrajat, contributing to Dow Jones Newswires; 62 21 3983 1277;
Reuben.Carder@dowjones.com
(END) Dow Jones Newswires
11-08-092142ET
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