An Indonesian unit of U.S. mining giant Newmont Mining Corp., PT Newmont Nusa Tenggara (NNT) is seeking approval from shareholders to sell up to two billion shares in an initial public offering (IPO).
NNT unit plans to offer up to 1.13 billion shares. The company proposing to offer to the public 1.13 billion new shares and up to 880 million shares currently held by PT Pukuafu Indah, which owns a 20% stake in the company.
NNT has invited its shareholders to meet on Augustus 19 to discuss the proposal. The letter didn't give further details on the expected timetable of the public offering and the amount it expects to raise in the process.
Pukuafu, which is owned by local mining magnate Jusuf Merukh, on Wednesday said it rejected the plan. Pukuafu said that earlier agreements for its foreign partners in NNT to sell further stakes totalling 17% in the Newmont unit to Pukuafu hadn't gone ahead.
In addition to Pukuafu's 20% stake, Newmont Mining Corp. (NEM) owns 31.5% of PTNNT, which has been mining copper and gold since March 2000 in the Batu Hijau mine in West Nusa Tenggara.
Sumitomo Corp. holds 24.5% and a consortium led by PT Bumi Resources Tbk has 24%. Batu Hijau's ore reserves were estimated to be 1.1 billion tons containing 0.525 percent copper and 0.37 grams per ton of gold.
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