Newmont Mining (NEM) Subsidiary and Tenggara Mining to Sell Additional 14% of Newmont Nusa Stake to Multi Daerah Bersaing for $494M
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Newmont Mining Corporation (NYSE: NEM) today announced that its subsidiary, Newmont Indonesia Limited, together with Nusa Tenggara Mining Corporation (an affiliate of Sumitomo Corporation), have agreed to sign a sale and purchase agreement for an additional 14% of PT Newmont Nusa Tenggara (7% for the 2008 divestiture and 7% for the 2009 divestiture) to PT Multi Daerah Bersaing, a consortium comprised of regional and local governments near the Batu Hijau mine, and PT Multicapital, a private company.
Proceeds will total approximately $494 million. The 2008 share transfer will be completed upon approval from the Government of Indonesia. The 2009 share transfer is expected to follow shortly thereafter. A PTNNT shareholder meeting will be held following the closing of the 2008 shares to approve the transfer of the 2009 shares.
In conjunction with the sale, Newmont and NTMC also signed a Mine Operating Agreement with PTMDB, which will become effective upon the closing of the 2009 share sale. The agreement will adopt all Newmont standards of mine operations.
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