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DENVER - Newmont Mining Corp. is in negotiations to sell a 14 percent stake in an Indonesian gold mine as required by international arbitrators.
The divestiture will end a dispute between the Indonesian government and a Newmont subsidiary over how the mining company should sell shares as required under its contract to operate in Indonesia.
Newmont has a 45 percent stake in the subsidiary, PT Newmont Nusa Tenggara. Japan's Sumitomo Corp. has a 35 percent stake and Indonesia's PT Pukuafu Indah the remaining 20 percent. The subsidiary operates the Batu Hijau mine on Sumbawa island, about 950 miles east of Jakarta.
Richard O'Brien, Newmont's president and chief executive, gave an update on the situation Thursday during a conference call with analysts.
QUESTION: Would you provide us with an update on the status of talks with the Indonesian government over the divestiture?
ANSWER: "It's (a) constantly moving target, so what I would tell you is that we currently are in negotiations with the government to continue to deliver on our promise as a result of the arbitration decision that came out in March to sell to the local government the first 10 percent ... the other interests are going to be, at this point we have been told that the central government will take those up.
"The deadline is still Nov. 12 for these agreements to be reached.
"I can tell you our team is ready, willing and able to deliver on those, and we still have a little bit of negotiating going on in the various agreements that we have, and we are ready to offer the first 10 percent at the fixed price that the arbitration panel put out there.
"We're ready to do that today and still trying to figure out the agreement with the central government. But I think we're making progress on both of those."
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