Newmont?s divestment of 10 percent shares concluded

The West Nusa Tenggara (NTB) provincial government and PT Newmont Nusa Tenggara (NNT) have finally signed a sale purchasing agreement on 10 percent shares in the company under NNT divestment program for the 2006 ? 2007 period.

The agreement was signed by NTB's Governor Zainul Madji, NNT?s President Director Martiono Hadianto and YA Didik Cahyanto, a director of PT Multi Daerah Bersaing (MDB), a joint venture between NTB government and PT Multi Capital Indonesia, a member of Bakrie Group, in Jakarta on Friday.

Governor Zainul said that MDB was given two days to pay the 10 percent shares worth US$ 391 million after the Investment Coordinating Agency (BKPM) finishes verifying the agreement, Bisnis Indonesia reported Saturday.

According to him, NTB government will get a goodwill fund $38 million for community development and social welfare projects from Newmont shareholders, Newmont Indonesia Limited (NIL) and Nusa Tenggara Mining Corp. (Sumitomo).

Meanwhile, Martiono said with the signing of the SPA of 10 percent stake, NNT has met its obligation before the deadline of Nov. 12, 2009.(*)