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"Antam will represent the central government to file a bid to buy a stake in PT Newmont Nusa Tenggara, or PTNNT, before November 12," Radjasa told reporters.
He said the acquisition will be under the supervision of Mines and Energy Minister Darwin Saleh. He didn't elaborate.
Media reports last month cited Finance Minister Sri Mulyani Indrawati as saying the central government will pay $493.6 million for the 14% stake in PTNNT.
The consortium, formed by the West Nusa Tenggara provincial government and the regencies of West Sumbawa and Sumbawa, located near PTNNT's Batu Hijau copper and gold mine in eastern Indonesia, previously announced it will pay about $400 million for the 10% stake.
Newmont and Sumitomo Corp., a minority partner in PTNNT, are required under their contract to reduce their combined holdings in PTNNT to 49% by next year, by selling stakes to local buyers. Newmont currently owns 45% of PTNNT and Sumitomo 35%.
-By Linda Silaen; Dow Jones Newswires; 62 21 3983 1277; edhi.pranasidhi@dowjones.com
(END) Dow Jones Newswires
11-03-09 0319ET
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