PT Newmont Nusa Tenggara is a subsidiary company of Newmont Mining Corporation that operates their Batu Hijau mine in Indonesia on the island of Sumbawa.[1]
Newmont holds a 45% stake in the company while the Sumitomo Corporation from Japan holds an additional 35% and Indonesian company P.T. Pukuafu Indah holds the remaining 20%.[2] Newmont and Sumitomo are required to divest 51% of their stake in the joint venture Indonesian parties by 2010 by the agreement signed under the Indonesian government of Suharto.[1] The Indonesian government declined to purchase 10% of the company between 2006 & 2007 because of lack of funds, and Newmont declined to sell to local governments because the governments were backed by unnamed private parties,[1] and Newmont wished to have more control over potential buyers.[1] In 2008 Newmont sold a 2% stake in P.T. Newmont to the local governments in Sumbawa.[2]
Award
editThe company received the Aditama Award in 2011, as the best mining company in terms of mineral mining environment management.[3]
References
edit- ^ a b c d McDowell, Robin (April 1, 2009). "Newmont Told to Sell Shares in Indonesian Unit". Associated Press Via ABC. Retrieved 2009-04-02. [dead link]
- ^ a b Wright, Tom (April 2, 2009). "Panel Affirms Newmont's Right to Run Indonesian Mine". The Wall Street Journal. Retrieved 2009-04-02.
- ^ "Newmont Wins Another Award for Best Environmental Management". October 3, 2011. Archived from the original on October 5, 2011. Retrieved October 4, 2011.