Newmont asked to complete its three percent stake sale program

The Minister of Energy and Mineral Resources has asked gold and copper company PT Newmont Nusa Tenggara (NNT) to complete its mandatory program of selling of three percent stake in the company this month (February), Koran Tempo reported Thursday.

The West Sumbawa regency administration, Sumbawa regency administration, Nusa Tenggara provincial administration and Newmont are now engaged in negotiation on the sale of the three percent stake, Director for coal and mineral business development M.S. Marpaung said.

"If they have yet to reach an agreement, then the three percent stake will be included into the next program of selling seven percent stake," he said.

Marpaung reminded that February was the deadline for the sale of three percent stake. "If the sale is held after February, then the sale of the stake will be based on new price," he added.

Meanwhile, NNT's public relation Manager Kasan Mulyono acknowledged the Ministry of Energy and Mineral Resources step to set the deadline for the sale of three percent stake on February, including the payment.

"This month it (the sale of three percent stake) has to be completed," he said.

According to Kasan, Newmont expects the three percent stake purchase to be paid in cash. (*)