ID :
89365
Fri, 11/13/2009 - 10:08
Auther :
Shortlink :
https://www.oananews.org//node/89365
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ANTAM DROPS PLAN TO BUY NEWMONT'S DIVESTMENT SHARES
Makassar, S Sulawesi, Nov 12 (ANTARA) - Publicly-listed mining company PT Antam Tbk has decided to withdraw from the West Nusa Tenggara administration-led consortium to buy PT Newmont Nusa Tenggara (NNT)`s divestment shares.
The decision was taken after PT Antam failed to reach an agreement with the West Nusa Tenggara administration, the company said in a press statement issued here on Thursday.
PT Antam President Director Alwin Syah Loebis said that one of the company`s business strategies was acquiring other companies` shares that might give added value to PT Antam.
In line with the business strategy, PT Antam was looking forward to acquiring at least 15.5 percent stake in PT Newmont Nusa Tenggara, he said.
"Now that the business strategy is not met we have decided to withdraw from the West Nusa Tenggara administration-led consortium in the purchase of Newmont shares," he said.
Newmont Mining and Sumitomo own a combined 80 percent stake in NNT, which operates the Batu Hijau copper and gold mine in the eastern Indonesian province of West Nusa Tenggara.
The remaining 20 percent of NNT`s shares is owned by a privately held Indonesian company, PT Pukuafu Indah.
Under a staggered divestment process required by the national law, Newmont and Sumitomo are to divest a total of 31 percent stake in NNT by the end of next year.
The consortium and Multicapital have publicly expressed a desire to buy the entire 31 percent stake. ***2***
The decision was taken after PT Antam failed to reach an agreement with the West Nusa Tenggara administration, the company said in a press statement issued here on Thursday.
PT Antam President Director Alwin Syah Loebis said that one of the company`s business strategies was acquiring other companies` shares that might give added value to PT Antam.
In line with the business strategy, PT Antam was looking forward to acquiring at least 15.5 percent stake in PT Newmont Nusa Tenggara, he said.
"Now that the business strategy is not met we have decided to withdraw from the West Nusa Tenggara administration-led consortium in the purchase of Newmont shares," he said.
Newmont Mining and Sumitomo own a combined 80 percent stake in NNT, which operates the Batu Hijau copper and gold mine in the eastern Indonesian province of West Nusa Tenggara.
The remaining 20 percent of NNT`s shares is owned by a privately held Indonesian company, PT Pukuafu Indah.
Under a staggered divestment process required by the national law, Newmont and Sumitomo are to divest a total of 31 percent stake in NNT by the end of next year.
The consortium and Multicapital have publicly expressed a desire to buy the entire 31 percent stake. ***2***
