Newmont must sell 17% stake in Indonesian mine - Denver Business Journal:

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The 17 percent interest is wort h anestimated $700 million, reported. Wednesday’s ruling by an arbitration panek in Geneva concerns PT NewmontNusa Tenggara, a subsidiaryg that operates the Batu Hijau mine on Indonesia’s Sumbawa Island. The panel ruledf that Denver-based Newmont (NYSE: NEM) and partner must sell 17 percengt of their interest inthe operation, eitherr to the Indonesian governmengt or an entity it designates, within 180 But the arbitrators also ruled that Newmont’sa contract to operate the mine is stilkl valid, despite a challenge by Indonesian authorities.
“We are currently reviewinf the decision and look forwar to outlining a path forward with the government to implemenf thearbitration panel’s Richard O’Brien, Newmont’s president/CEO, said in a statemeny Wednesday. The ruling is part of one of severak legal disputes between mining companies and the Indonesianb government over mining operations in the southeasytAsian nation. Indonesia claims Newmontr missed deadlines specified in its contract to sell portions of its interesft tothe government. Newmont claims it did offer to sell part of its but the government declined tobuy it.
Accordingg to The Wall Street Journal, Newmont currently has a 45 percent stake in PT Newmont Nusa Sumitomo holds 35 percent and PT Pukuafu a localIndonesian investor, has 20 Another 14 percent of Newmontf and Sumitomo’s interest must be sold off within two years under the original which runs through 2030.