Last Updated :
23 May 2009 at 03:00 IST
NEM sets-on 31% stake for Indonesian government
Commodity Online
Newmont Mining Corp. (NYSE:NEM) is to sell 31% stake to a consortium of local governments in West Nusa Tenggara (NTB) to be divested in Batu Hijau mine in Sumbawa (Indonesia ) by 2010.
Newmont Mining Corp. is primarily a gold producer with significant assets or operations in the United States, Australia, Peru, Indonesia, Ghana, Canada, New Zealand and Mexico. Amongst the 31% stake, 10% stake is to be subscribed by a local Indonesian company while the rest 21% is to be divested from 2008 to 2010.
The Indonesian government and NEM initiated talks in April 2009 to divest an overdue 17 % stake in the min. NEM valuing its entire West Nusa Tenggara site at $4.9 billion against 2008 valuation of $6.1 billion. On negotiations approval, the 31% stake will be valued at $1.51 billion.
Newmont Mining gained 0.9% at New York Stock Exchange on Friday and was last traded at 47.04. It touched a 52-week high of 53.77 and low of 21.77.
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