15 Agustus 2009

The Newmont Indonesia

JAKARTA, KOMPAS.com - The government has decided to buy 14 percent of PT Newmont Nusa Tenggara’s shares. The international arbitration court in its recent ruling has ordered the mining company to divest its shares with priority given to the Indonesian government as the first party entitled to buy them.

"The government is in a position to buy the shares in the interest of the state and region. We still have yet to find the formula for it," finance minister Sri Mulyani said at the presidential office on Wednesday.

She said she would soon coordinate with the West Nusa Tenggara provincial government to discuss the plan and hear their aspirations. "I will coordinate with the provincial government so that the decision of the central government will give a maximum benefit to the state as well as the region," she said.

She declined to explain when asked about PT Antam’s appointment to take care of the purchase and its mechanism. "I will not talk about mechanism. What is important is the decision. We have to accomodate all parties and hear them with regard to getting the best formula," she said.

The arbitration court in Switzerland at the end of March issued a ruling in favour of Indonesia’s claim, ordering the mining company to divest its shares within 18 days. Offer is first to be given to the central government but if it refuses it will go to the regional government.

Through a consortium, regional government-owned company PT Daerah Maju Bersaing has decided to partner with PT Multicapital, which is the subsidiary of Bumi Resources to buy the shares. PT Daerah Maju Bersaing was set up by the government of West Nusa Tenggara, the West Sumbawa district administration, and the Sumbawa district adminitration. PT Multi Capital meanwhile is one of five companies that had been eyeing to a 10 percent shares of PT Newmont worth US$391 million.

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