PT Newmont Nusa Tenggara Accomplishes Its Stake Divestment

MATARAM, KOMPAS.com - PT Newmont Nusa Tenggara (NNT) has completed its 2010 divestment obligation after it sold the seven percent divestment stake worth US$246.8 million to the government, its director said.

"Nusa Tenggara Partnership B.V., in its capacity as the major holder of foreign shares, completed the sales of the divestment stake to the government through the Government Investment Center (PIP) on May 6," NNT President Director Martiono Hadianto, said in a press release here on Monday. PIP, which is under the auspices of the ministry of finance, has been assigned by the government as the purchaser of the stake.

"We thank the Indonesian government and all parties involved in the divestment process," Martiono said.

Based on the work contract in 1986, NNT has to divest 51 percent of its share to the Indonesian side after operating for four years. The sales of the seven percent of the company is the last phase in its divestment obligation which lasted from 2006 to 2010.

Now, the copper and gold mining firm’s stake is owned by Nusa Tenggara Partnership (49 pct), PT Multi Daerah Bersaing (24 pct), PT Pukuafu Indah (17.8 pct), PT Indonesia Masbaga Investama (2.2 pct) and PIP (7 pct).