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"According to the outcome of a meeting chaired by the Coordinating Minister for the Economy and attended by the finance minister, the state minister of state enterprises, and the energy and mineral resources minister, on Tuesday (November 3), the regional administration had been appointed leaders in the purchase of Newmont`s divestment shares," he said in Jakarta on Wednesday.
He also said that the central government`s participation by way of a state enterprise, in this case PT Antam Tbk (JSX:ANTM), the purchase of NNT shares was still within the framework of the regional administration as the lead.
Saleh also denied a report that the government has decided that Antam is the lead in the purchase of 14 per cent of the shares of foreign companies producing copper and gold.
The negotiations on the divestment of Newmont`s shares were held in two stages, namely between Newmont and the central government to the extent of 14 per cent, and between Newmont and the regional administration for 10 per cent.
NNT is a US copper and gold mining company operating in Batu Hijau, West Sumbawa, West Nusa Tenggara.
Some 80 per cent of the company`s shares is controlled under a Nusa Tenggara Partnership comprising Newmont Indonesia Ltd 45 per cent, and by Nusa Tenggara Mining Corp and Japan`s Sumitomo 35 per cent, and the remaining 20 per cent controlled by PT Pukuafu Indah.
Under the contract of work, NNT is required to divest 51 per cent of its foreign shares to national companies in March 2010 at the latest.
Right now 20 per cent was already nationally controlled by way of Pukuafu, so that NNT is required to divest 31 per cent of the rest.
The scheduled divestment of 31 per cent of the shares of NNT according to the contract of work reached 3 per cent in March 2006, seven per cent in March 2007, and seven per cent in March 2008, and seven per cent in 2010.
(ANTARA)maz
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