Two more local firms eye Newmont stake

Two more local firms, Media Group and PT Sinar Tambora Rinjani (STR), are joining the beauty contest run by the Nusa Tenggara Barat administration to acquire a 10 percent stake in copper and gold miner PT Newmont Nusa Tenggara.

Media Group is a business group linked with media tycoon Surya Paloh while STR is a local firm based in the province.

Heriyadi Rachmat, the head of the province?s mining office, said both firms had submitted their bids for the stake on Sunday. The province had extended the deadline for the bid submission from Friday to Monday (today).

?We expect to announce the winner of the beauty contest on July 8, ? he said.

Earlier, three firms had submitted their bids for the stake, including PT Multi Capital, a subsidiary of PT Bumi Resources; Falco Corp.; and Batavia Plc, a subsidiary of the UK-listed Amstelco Plc.

Any winner of the beauty contest will set up a joint venture with PT Daerah Maju Bersaing (DMB), which is the consortium of the Nusa Tenggara Barat provincial administration, the Sumbawa Barat and Sumbawa regency administrations, which hold the rights to acquire the stake. DMB expects to get golden shares from the winner of the beauty contest. (Bernard)