VIVAnews - Gold mining company PT Newmont Nusa Tenggara is going to settle a repurchase agreement valuing US$300 million. Newmont will repay within 180 days after the international arbitration issued the decision.
According to an anonymous source in Newmont, the repayment is aimed at avoiding Newmont's divestment obligation either to the government or national private company from being interrupted. "The fund is ready," the anonymous source told VIVAnews in Jakarta on Thursday, April 30.
The source said that Newmont has put its shares as collateral at US$1 billion. The fund has been invested in copper mining at Batu Hijau Field, West Sumbawa, west Nusa Tenggara. "The remaining sum is around US$300 million," said the source.
The source also mentioned that Newmont had gained permission from three state institutions as regards the repurchase agreement including the Department of Mining and Energy (then the Department of Energy and Mineral Resources), Bank Indonesia, and Capital Investment Coordinating Agency. "At that time, the letter [of the agreement] was signed by mining minister IB Sudjana," said the source.
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Translated by: Ariyantri E. Tarman
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