DENVER, Nov 3 (Bernama-BUSINESS WIRE) -- Newmont Mining Corporation (NYSE: NEM) (Newmont or the Company) successfully completed the sale of its ownership stake in PT Newmont Nusa Tenggara (PTNNT), which operates the Batu Hijau copper and gold mine in Indonesia, to PT Amman Mineral Internasional (PTAMI). The asset’s name now changes to PT Amman Mineral Nusa Tenggara (PTAMNT).
Newmont received total consideration of $1.3 billion for its 48.5 percent economic interest in PTNNT. This amount is comprised of gross cash proceeds of $920 million and contingent payments of $403 million tied to higher copper prices and any future development of the Elang deposit. Nusa Tenggara Mining Corporation, majority owned by Sumitomo Corporation, also sold its 24.5 percent ownership stake to PTAMI. Newmont and PTAMI have worked cooperatively throughout the sales process and developed a productive relationship.
Newmont received total consideration of $1.3 billion for its 48.5 percent economic interest in PTNNT. This amount is comprised of gross cash proceeds of $920 million and contingent payments of $403 million tied to higher copper prices and any future development of the Elang deposit. Nusa Tenggara Mining Corporation, majority owned by Sumitomo Corporation, also sold its 24.5 percent ownership stake to PTAMI. Newmont and PTAMI have worked cooperatively throughout the sales process and developed a productive relationship.
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