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Jakarta Post

Bakrie-led venture picks up more shares in Newmont

  • Alfian

    The Jakarta Post

Jakarta   /   Thu, March 18 2010   /  10:40 am

A business consortium owned by one of the many investment arms of the Bakrie family and the government of West Nusa Tenggara has acquired another 7 percent of the shares in copper and gold
producer PT Newmont Nusa Tenggara (NNT).The consortium, PT Multi Daerah Bersaing (MDB), paid on Monday US$229.4 million for the stake from Newmont Indonesia Limited, a subsidiary of the US mining giant Newmont Mining Corp, and Nusa Tenggara Mining Corporation, a subsidiary of Japan-based Sumitomo Corporation.“The divestment of the 7 percent stake in 2009 has been done,” said NNT spokesman Rubi Waprasa Purnomo, confirming this via a text message on Wednesday.The foreign owners of NNT are required under a 1986 contract with the government to divest 31 percent of shares in NNT to the central government, local governments, state firms or designated local private firms by this year.With the acquisit...