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Indonesia to offer 7 pct stake in Newmont mine to local govt
July 4, 2013 / 5:53 AM / 4 years ago

Indonesia to offer 7 pct stake in Newmont mine to local govt

JAKARTA, July 4 (Reuters) - Indonesia will offer a stake of 7 percent in a unit of U.S.-based Newmont Mining Corp to a local government, after a long dispute over who should get the share in the copper and gold miner.

“The government has no budget allocation for the purchase, so we will hand it over to the local government,” Coordinating Economic Minister Hatta Rajasa said.

Newmont, the world’s second-biggest gold producer, has long been caught in a lengthy legal battle between business-backed local government and central authorities for the right to buy the stake it is divesting in the Batu Hijau mine in West Nusatenggara province.

Newmont operates the mine in partnership with Japan’s Sumitomo Corp.

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