Newmont files arbitration against Pukuafu

One of PT Newmont Nusa Tenggara's (NNT) stakeholders, Newmont Indonesia Limited (NIL), a unit of US mining giant Newmont Mining Corporation, has filed an arbitration proceeding in Singapore against one of its local partner, PT Pukuafu Indah, Investor Daily reported Friday.

Pukuafu was considered to have violated the peace agreement signed on Nov. 26, 2009, under which it promised to drop all petition, claim and demand related to the pre-emptive right to buy shares that have to be divested by NNT.

NNT's spokesman Rubi W Purnomo confirmed the arbitration proceeding, but refused to provide details.

In August, Pukuafu issued public statements claiming the right to acquire previously divested shares in NNT. It has filed for legal proceedings against NNT management.

NNT?s current major shareholders are Newmont Indonesia Limited (31.5 percent); Sumitomo?s subsidiary Nusa Tenggara Mining Corporation (24.5 percent), domestic mining firm PT Pukuafu Indah (17.8 percent), PT Multi Daerah Bersaing (24 percent) and PT Indonesia Masbaga Investama (2.2 percent). (*)