ID :
57337
Fri, 04/24/2009 - 17:57
Auther :
Shortlink :
https://www.oananews.org//node/57337
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GOVT TO DISCUSS NEWMONT NUSA TENGGARA DIVESTMENT MONDAY
Jakarta, April 24 (ANTARA) - The government will discuss the planned divestment of 17 percent of PT Newmont Nusa Tenggara shares next Monday, a minister said.
"The government will soon discuss it. The energy and mineral resources minister has invited us to discuss the plan," State Enterprises Minister Sofyan Djalil said here on Friday.
He did not disclose the details of the meeting's agenda, however.
"For sure, the agenda is the divestment of Newmont," he added.
An international arbitration court on March 31 ruled Newmont must sell a mandatory 17 percent stake in PT Newmont Nusa Tenggara (NTT) to the government within 180 days.
In order to carry out the divestment, the government has set up a team in charge of calculating NNT's share values for 2008 and 2009.
The minister of state enterprises has sent a letter to the minister of finance and the energy and mineral resources minister which basically asked that state companies be nominated as the buyer of the stake if the government is unwilling to use its right to acquire the stake.
Djalil said that there must a firm decision from the government with regard to the acquisition of the NNT stake so that the divestment could be handed over to state-owned companies.
"There is no problem with the purchase of the stake," Djalil said but he could not give detail on when and plan to acquire the stake could be realized.
He previously said that a state company had been ready to buy the mining firm's stake.
The ministry of state enterprises, he said, was studying the possibility of forming a consortium that involved the local government in the acquisition mechanism of NNT.
NNT operates the Batu Hijau mine, Indonesia's second-largest copper mine, located in Nusa Tenggara.
According to a 1986 contract, the company is required to gradually sell a total of 31 percent of its stake to the government or local parties it appoints.***
"The government will soon discuss it. The energy and mineral resources minister has invited us to discuss the plan," State Enterprises Minister Sofyan Djalil said here on Friday.
He did not disclose the details of the meeting's agenda, however.
"For sure, the agenda is the divestment of Newmont," he added.
An international arbitration court on March 31 ruled Newmont must sell a mandatory 17 percent stake in PT Newmont Nusa Tenggara (NTT) to the government within 180 days.
In order to carry out the divestment, the government has set up a team in charge of calculating NNT's share values for 2008 and 2009.
The minister of state enterprises has sent a letter to the minister of finance and the energy and mineral resources minister which basically asked that state companies be nominated as the buyer of the stake if the government is unwilling to use its right to acquire the stake.
Djalil said that there must a firm decision from the government with regard to the acquisition of the NNT stake so that the divestment could be handed over to state-owned companies.
"There is no problem with the purchase of the stake," Djalil said but he could not give detail on when and plan to acquire the stake could be realized.
He previously said that a state company had been ready to buy the mining firm's stake.
The ministry of state enterprises, he said, was studying the possibility of forming a consortium that involved the local government in the acquisition mechanism of NNT.
NNT operates the Batu Hijau mine, Indonesia's second-largest copper mine, located in Nusa Tenggara.
According to a 1986 contract, the company is required to gradually sell a total of 31 percent of its stake to the government or local parties it appoints.***
