Government of Indonesia Ready to Buy 7% Newmont Shares Worth U.S. $ 271 Million

Jakarta - The Ministry of Energy and Mineral Resources has received a letter from the Minister of Finance Agustin Martowardojo related purchase 7% share divestment of PT Newmont Nusa Tenggara quota in 2010 with a value of U.S. $ 271.6 million.

"To my knowledge, on Friday (yesterday) has been signed (Minister of Finance). So the staff of ministers (Finance) have you know the Minister of Energy and Mineral Resources. We are not living just love numbers. So from the Ministry of Finance to the EMR, EMR live nerusin to Newmont. We just love Newmont officially know, we've responded yesterday to Newmont, "said Director General of Mineral, Coal and Geothermal Bambang Setiawan Ministry of Energy and Mineral Resources when met at his office, Jalan Medan Merdeka Selatan, Jakarta, Monday (20/12/2010).

However, Bambang did not explain in details related to the rest of the divestment decision. The reason is, all these policies is in the hands of the Minister of Finance.

"Do not know me, asked the minister," Bambang said when asked about the state designated to take care of these shares.

What is clear, firm Bambang, shares of 7% is very useful for governments considering the number of parties are scrambling to obtain this stock. "If people steal, fight it would be useful, if not, yes no one wants to buy," he said.

Previously, Agus said the government is interested to take the remaining shares of Newmont's divestment of 7%.

Agus said that besides Kemenkeu, the central government could also just hold the Government Investment Center (PIP) or other government-owned company. This, he continued, still has not been decided because the government is reviewing more information on these intentions.

As is known, Under the contract work, foreign shareholders, Newmont is required to divest 51% of its foreign shares, amounting to 80% of it to the national party with the most recent schedule should be March 2010.

As many as 20% have mastered nationally through Pukuafu, so that Newmont had to divest 31% of the rest.

Schedule divest 31% stake NNT according to the contract work was 3% in March 2006, 7% in March 2007, 7% in March 2008, 7% in March 2009, and 7% in March 2010.

PT Multi Region Compete (MDBs) have acquired 24% stake divestment and intend to have the remaining seven percent divestment in 2010.

MDB is a joint venture PT Maju Bersama Region (DMB) with PT Multicapital, which is a subsidiary of the Bakrie Group. Meanwhile, DMB is the three government-owned enterprises, the government of Sumbawa, West Sumbawa local government, and local government NTB.(*)

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