Newmont signs loan deal with Pukuafu
Tuesday, December 22 2009 - 11:39 PM WIB
US mining giant Newmont Mining Corporation announced Tuesday that that its subsidiaries, Newmont Indonesia Limited (NIL) and NVL USA Limited (NVL), entered into a loan transaction with P.T. Pukuafu Indah (PTPI), an unrelated Indonesian company and 20% owner of PT Newmont Nusa Tenggara (PTNNT).
Newmont, through a subsidiary, currently holds a 35.44% interest in PTNNT, which owns the Batu Hijau copper and gold mine on the island of Sumbawa in West Nusa Tenggara.
PTPI used US$287 million of the loan proceeds to repay and extinguish outstanding debt and pledged its 20% interest in PTNNT to NVL as collateral for the loan, in addition to pledging as collateral all the shares of PTPI itself.
The loan has a maturity date of December 31, 2019.
PTPI owned by Indonesian mining tycoon Jusuf Merukh. (alex)