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Minister applauds MedcoEnergi’s move to acquire 82.2 percent stake of Newmont
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Staying firm -- Energy and Mineral Resources Minister Sudirman Said speaks to journalists at the State Palace in Jakarta. (Kompas.com/Indra Akuntono)
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nergy and Mineral Resources Minister Sudirman Said said he warmly welcomed oil and gas company PT Medco Energi Internasional Tbk’s (MedcoEnergi) move to acquire a majority stake in copper mining firm PT Newmont Nusa Tenggara, which operates the Batu Hijau copper and gold mine in West Nusa Tenggara.
He said the acquisition was good news amid a downward trend in Indonesia’s energy sector, caused by a plunge in global oil prices.
"This is a business-to-business transaction; we see it as good progress. Moreover, it [Newmont Nusa Tenggara] was acquired by a national company. It's good news that amid the ongoing economic slowdown, there are still investment initiatives," Sudirman said on Friday.
As earlier reported, MedcoEnergi agreed to acquire a majority stake in Amman Mineral International (AMI), which controls 82.2 percent of Newmont’s stakes, for US$2.6 billion. AMI recently purchased Newmont from Newmont Mining Corporation and Sumitomo Corporation and it was recorded as one of the largest structured finance deals in Southeast Asia this year. (ebf)
