Tuesday, February 12, 2008

Investment :: ID Gov's : Newmont fail on divesting ownership to local

Kontan, 12 February 2008

Angered by Newmont [NNT] persistence on divesting 10% of its ownership to local, Gov's official send a letter claiming that NNT default on the issue. According to contract NNT was supposed to divest 7% of its share worth USD 282 Mio on 2007 and 3% of its share worth USD 109 Mio on 2006. Official has stated that NNT has deadline of February 22, 2008.

If NNT fail to perform on this issue, Gov's are most likely to cancel its contract with NNT.

NNT comment on slow divestiture was because of the price of the share, NNT still no deal of private co's teaming with local authorities having price as negotiated with indonesian gov's official.

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