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T Newmont Nusa Tenggara, a local unit of US mining giant Newmont Mining Corporation and the operator of the Batu Hijau gold and copper mine in West Nusa Tenggara, is seeking up to US$800 million to finance capital expenditure.

The financing is expected to be discussed at an extraordinary general shareholders meeting scheduled for Aug. 19.

In an invitation sent to its shareholders, NNT says the meeting would discuss and potentially provide approval for it to obtain up to $800 million from financial institutions and third parties for its capital expenditure and corporate needs, as determined by NNT’s board of directors.

As reported earlier, NNT is also planning to go public by offering new shares through an initial public offering (IPO) which would also be discussed at the meeting.

NNT secured Indonesia’s fourth generation of mining contract in 1986, providing the company with rights to explore an area covering around 87,540 hectares, which includes the Batu Hijau mine and several other potential sites including Elang, Rinti, Dodo, Lunyuk and Teluk Panas.

At present, NNT only operates the Batu Hijau mine, which has estimated reserves of 11.47 billion pounds (5.2 million metric tons) of copper, 11.57 million ounces (328 metric tons) of gold, and 40.97 million ounces (1161 metric tons) of silver.

On May 26, NNT president director Martiono Hadianto told lawmakers that the company planned to develop four mines after 2017 on Sumbawa Island.

Included in the plan was the Elang mine, estimated to have a more mineral deposits than the Batu Hijau site. NNT anticipates the project will require up to $3 billion in investment.

PT NNT which operates the Batu Hijau gold and copper mine in West Nusa Tenggara, is currently owned by Newmont Indonesia Limited (31.5 percent), Sumitomo’s subsidiary Nusa Tenggara Mining Corporation (24.5 percent), PT Pukuafu Indah (20 percent) and PT Multi Daerah Bersaing (24 percent).