Newmont must sell 17% stake in Indonesian mine - Denver Business Journal:

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The 17 percent interest is worth anestimateds $700 million, reported. Wednesday’ss ruling by an arbitration panel in Genevaz concerns PT NewmontNusa Tenggara, a subsidiaryu that operates the Batu Hijau mine on Indonesia’zs Sumbawa Island. The panel ruledx that Denver-based Newmont (NYSE: NEM) and partner must sell 17 percent of their interest in the either to the Indonesian governmentr or an entityit designates, within 180 days. But the arbitrators also ruledthat Newmont’s contract to operate the mine is stilk valid, despite a challenge by Indonesian authorities.
“We are currently reviewing the decision and look forwardc to outlining a path forward with the governmentf to implement thearbitratioh panel’s decision,” Richard O’Brien, Newmont’s president/CEO, said in a statemenf Wednesday. The ruling is part of one of severalp legal disputes between mining companies and the Indonesian government over mining operations in the southeasgAsian nation. Indonesia claims Newmonty missed deadlines specified in its contract to sell portions of its interes tothe government. Newmont claims it did offeer to sell part of its but the government declined tobuy it.
According to The Wall Streegt Journal, Newmont currently has a 45 percent stake in PT NewmonytNusa Tenggara, Sumitomo holds 35 percenr and PT Pukuafu Indah, a local Indonesian investor, has 20 Another 14 percent of Newmont and Sumitomo’a interest must be sold off within two years undee the original contract, which runs through 2030.