Monday, 23rd October 2017

Sumbawa Barat to buy Newmont shares with private company`s help

25th January 2011 | 3.069 Views
Mataram, West Nusa Tenggara (ANTARA News) - Sumbawa Barat district`s government has decided to cooperate with PT Titan Metals to buy seven percent of US-based gold mining company PT Newmont Nusa Tenggara`s divested shares for 2010 worth 271,6 million dollars or Rp2,4 trilliun, a spokesman said.

"We have already conducted a `beauty contest` which was won by one of four companies that took part in it, namely Jakarta-based PT Titan Metals. The company will help us buy seven percent of Newmont shares up for divestment in 2010," KH Zulkifli, Sumbawa Barat district chief, said here on Monday night.

PT Titan Metals, a national mining company with head office in Jakarta, was the winner of the beauty contest and PT Sumbawa Maju Jayao, a mining company owned by an NTB businessman, the alternate winner.

The contest, participated in by PT Titan Metals, PT Sumbawa Maju Jaya, PT Bayu Kemayoran Karya and PT Maju Jaya Valco, was organized by an independent consultant in front of the leadership and memebrs of the Sumbawa Barat district legislative council last January 2011.

Zulkifli said PT Titan Metals would provide the funds needed by the district administration to buy the seven percent stake in PT Newmont.

He said PT Titan Metals would later obtain dividends on PT Newmont`s profits for as long as the company was operating in Sumbawa Barat district.  (*)