Tuesday, November 10, 2009

Govt considers Pukuafu claims weak

Government was ready to challenge PT Pukuafu Indah's legal claim on 31% shares to be divested in PT Newmont Nusa Tenggara (NNT). 
Director General for Mineral, Coal, and Geothermal at Energy and Mineral Resources, Bambang Setiawan, said government has asked Newmont to clarify Pukuafu's claim that it had an agreement with Newmont and Nusa Tenggara Mining Corp to purchase the 31% shares. "According to Newmont, Pukuafu's claim is weak," Setiawan said. 
Government has decided to assign PT Aneka Tambang (ANTM) to represent central government in a consortium led by West Nusa Tenggara administration to purchase 14% shares in Newmont Nusa Tenggara (NNT) for US$493.64 million. 
West Nusa Tenggara administration and its partner PT Multicapital (JV between Bakrie Group and PT Bumi Resources/BUMI) Tbk will pay US$391 million for 10% shares in NNT. Meanwhile, Pukuafu is the owner of 20% shares in NNT.NNT's Batu Hijau is one of the most profitable copper-gold mines in the world.

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