Newmont?s assets worth $4.9 billion

The value of Newmont Nusa Tenggara?s (NNT) assets, which will be used as the basis in calculating prices of shares to be divested by the company, reaches US$4.9 billion, the government?s official said.

?The figure is based on NNT?s assessment. The government will reassess the real value of the assets in order to get a fair price for the shares,? MS Marpaung, a member of the government?s team for NNT divestment.

He said that the value of the total assets that would be used as the basis in calculating the share price could be lower than those given by NNT. ?Like in 2007, Newmont put the company?s total assets at $5.9 billion, but after negotiations, the value of the assets was later fixed at $4.1 billion,? said he said.

International arbitration court?s recent verdict required foreign owners of NNT to complete part of the mandatory divestment plan within 180 days starting April.

NNT overseas shareholders were supposed sell their 3 percent of the stakes in 2006 for US$109 million, 7 percent in 2007 for $282 million, and another 7 percent in 2008 for $426 million. As part of the divestment schedule NNT should continue to divest 7 percent each in 2009 and in 2010.

NNT has offered a price tag of $348 million for the 7 percent to be divested this year.

NTT is 45 percent owned by Newmont Corp., 35 percent by a consortium led by Japan?s Sumitomo and PT.Pukuafu Indah, an Indonesian company controlled by businessman Jusuf Merukh, holds the remainder. (*)