SPA 14% Newmont Share Signed

VIVAnews – PT Multi Daerah Bersaing will sign a sales and purchase agreement (SPA) of the Newmont Nusa Tenggara’s 14 percent share valuing US$493.64 million. The signing of the agreement is held in the Energy Department in Jakarta on Monday, Nov. 23.

PT Multi Daerah Bersaing is a joint venture of the West Nusa Tenggara administrations (West Nusa Tenggara provincial administration, West Sumbawa regency administration, and Sumbawa regency administration) with PT Multi Capital Industries, PT Bumi Resources Tbk.’s subsidiary.

“After successfully purchasing Newmont’s 10 percent share, we will sign the SPA on the 14 percent share on Monday, Nov. 23,” PT Daerah Maju Bersaing (West Nusa Tenggara administration’s company) director Andi Hadiyanti said in Mataram last week.

The signing was witnessec by the representatives from PT Multi Daerah Bersaing and PT Newmont Pacific Nusantara as the Newmont Mining Corporation’s representative in Indonesia.

Furthermore, Hadiyanto said that the payment process of the 14 percent share will be done two days after the SPA signing. The payment process will start after an approval from the capital investment coordination agency and the Energy Department is passed.

Responding to PT Pukuafu Indah’s claim which stated that they had bought 17 percent of Newmont’s share, Hadiyanto explained that the claim did not affect the ongoing Newmont’s divestment process. He said that Newmont has shown good will by running the divestment process based on the arbitration’s decision.

The arbitration decided on March 31, 2009, that PT Newmont Nusa Tenggara must divest its share to the Indonesian government. Meanwhile, the West Nusa Tenggara administration and PT Multi Capital have finished the payment for the 10 percent of Newmont’s share, valuing US$391 million. 

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Coverage by: Edy Gustan | Mataram
Translated by: Ariyantri E. Tarman