Newmont offers divested shares at US$444 million

Newmont Mining Corp, the largest US.gold producer, offered the final 7 percent stake in its Indonesian venture as part of a divestment program to be completed this year for $444 million.

The price higher than US$247 million offered for a 7% stake divested for 2009.

The stake's value is higher than previous offers as PT Newmont Nusa Tenggara has obtained a permit to expand operations in its Batu Hijau copper mine on Sumbawa island in eastern
Indonesia, increasing the company's value.

Newmont Nusa Tenggara, under a 1986 agreement, must offer 3 percent of its stake to the central government or its agencies in 2006, and 7 percent in each year from 2007 to 2010.
Newmont Nusa Tenggara has sold 24 percent of the total 31 percent stake it must sell to PT Multi Daerah Bersaing, owned by PT Bumi Resources Tbk unit, PT Multicapital and three local
administrations in West Nusa Tenggara province.

Multi Daerah made the last payment of $246.8 million for the 7 percent of the 24 percent stake on March 15. Multi Daerah is interested to purchase more shares in Newmont Nusa Tenggara on top of the 24 percent stake it already owns.