Last Updated :
13 April 2009 at 15:35 IST
State to bid and run mining cos in Indonesia
CommodityOnline
Indonesian copper and gold miner PT Newmont Nusa Tenggara (PTNNT) is on a verge to be approached by the State mining companies consortium formed by Ministry of State Enterprises, Indonesia to acquire a 17% stake in PTNNT.
FOLLOW COMMODITYONLINE ON TWITTER According to secretary to the State Enterprises Minister Said Didu, the potential State mining consortium companies may include, nickel producer PT Aneka Tambang (Antam), coal producer PT Tambang Batubara Bukit Asam (PTBA) and tin miner PT Timah.
PTBA president director Sukrisno said the collateral issue is currently under legal scan. Government guidelines are awaited on the proposed acquisition.
He also added that even when the consortium is formed, PTBA is expected to contribute marginally as gold is not their core businesses.
PT Timah corporate secretary Abrun Abubakar mentioned that they would discuss the plan with management previous to any conclusion.
Antam president Alwinsyah Loebis mentioned, they never heard of the consortium plan, and they have not yet initiated any conversations relating to the establishment of the consortium, currently they don’t have any plans to acquire the PTNNT stake.
PTNNT is a subsidiary of Newmont Mining Corp. (NYSE:NEM) and owns 45% of NNT, Sumitomo Corp. (TYO: 8053) owns 35% and PT Pukuafu Indah, a private Indonesian firm holds the rest 20%.
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