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Newmont and Nusa Tengarra Mining sell 10% stake in Newmont Nusa Tenggara to Multicapital Indonesia

Posted on: Wed, 18 Nov 2009 13:16:00 EST

Symbols: NEM, SSUMF

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Nov 18, 2009 (Datamonitor Financial Deals Tracker via COMTEX) --
SSUMF | Quote | Chart | News | PowerRating -- Newmont Indonesia Limited together with Nusa Tengarra Mining Corporation, an affiliate of Sumitomo Corporation, has sold 10% stake in PT Newmont Nusa Tenggara (PTNNT) to PT Multi Daerah Bersaing, a consortium comprised of regional and local governments near the Batu Hijau mine, and PT Multicapital Indonesia. The transaction is valued at $391 million.

Newmont Indonesia is a subsidiary of US-based gold producer Newmont Mining Corporation, while Sumitomo is a Japan-based general trading company. PTNNT is a copper and gold mining company, while Multicapital is an investment company. Both PTNNT and Multicapital are based in Indonesia.

Announcement (July 13, 2009):

Multicapital along with three local governments, has agreed to acquire a 10% stake in PTNNT for approximately $400 million.

Newmont Mining and Sumitomo are currently holding 45% and 35% stake in PTNNT, respectively.

Deal Value (US$ Million) 391
Deal Type                Acquisition
Sub-Category             Minority Acquisition
Deal Status              Completed: 2009-11-16

Deal Participants

Target (Company)     PT Newmont Nusa Tenggara
Acquirer 1 (Company) Undisclosed Acquirer
Acquirer 2 (Company) PT Multicapital Indonesia
Vendor 1 (Company)   Newmont Indonesia Limited
Vendor 2 (Company)   Nusa Tengarra Mining Corporation

% Acquisition 10%

For full details on Newmont Mining Corp (NEM) NEM. Newmont Mining Corp (NEM) has Short Term PowerRatings at TradingMarkets. Details on Newmont Mining Corp (NEM) Short Term PowerRatings is available at This Link.

For full details on (SSUMF) SSUMF. (SSUMF) has Short Term PowerRatings at TradingMarkets. Details on (SSUMF) Short Term PowerRatings is available at This Link.

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