PTBA interested in Newmont divestment share

State-owned coal mining company PT Tambang Batubara Bukit Asam (PTBA) has expressed an interest in buying a stake in Newmont Nusa Tenggara (NNT), which was recently ordered by an international arbitration tribunal to divest 17 percent of its shares within six months.

PTBA's President Director Soekrisno said that PTBA had enough reserve funds to buy the stake, but would not do so on its own.

PTBA, he said, would coordinate with other state mining companies, PT Timah and PT Aneka Tambang (Antam), to study the possibility of acquiring an NTT stake.

He did not give further details.

Meanwhile, PT Timah corporate secretary Abrun Abubakar said the option to buy NTT shares had not been discussed by the company's board of directors, but they would probably discuss the possibility soon.

"We need to conduct a comprehensive due diligence study first, because this would involve a considerable amount of money," Abrun said.

An arbitration tribunal of the United Nations Commission on International Trade Law issued a verdict on Tuesday, requiring NNT to meet its obligations under its contract of work of divesting 17 percent shares within 180 days. (*)