Indonesian Finance Minister Agus Martowardojo announced the country is going to acquire 7 percent of Newmont Mining's (NYSE:NEM) in PT Newmont Nusa Tengara, the Indonesian unit of the company.
Martowardojo said, "Government has delivered its intention to take the right. At the moment it will be government, whether it will be state investment agency or state owned firms we will discuss it later. "
Japan's Sumitomo Corp. and Newmont, together, are the majority owners of the division. The unit operates the Batu Hijau copper and gold mine in the country.
Indonesia has ordered them to reduce their stakes to less than 50 percent by via selling to local investors, which in most cases are just various arms of the government.
The 7 percent stake sold by Newmont is valued at $272 million.
Monday, December 20, 2010
Newmont (NYSE:NEM) Selss 7 Percent of Indonesian Unit to Government
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