PT Newmont Nusa Tenggara
Encyclopedia
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
.
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%. 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. 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, and Newmont wished to have more control over potential buyers. In 2008 Newmont sold a 2% stake in P.T. Newmont to the local governments in Sumbawa.
Batu Hijau mine
The Batu Hijau mine is an open pit copper-gold mine operated by Newmont Mining Corporation's subsidiary company PT Newmont Nusa Tenggara . The mine is located east of the Indonesian capital Jakarta on Sumbawa, in southern Taliwang Regency, an island in West Nusa Tenggara...
in Indonesia
Indonesia
Indonesia , officially the Republic of Indonesia , is a country in Southeast Asia and Oceania. Indonesia is an archipelago comprising approximately 13,000 islands. It has 33 provinces with over 238 million people, and is the world's fourth most populous country. Indonesia is a republic, with an...
on the island of Sumbawa
Sumbawa
Sumbawa is an Indonesian island, located in the middle of the Lesser Sunda Islands chain, with Lombok to the west, Flores to the east, and Sumba further to the southeast. It is in the province of West Nusa Tenggara....
.
Newmont holds a 45% stake in the company while the Sumitomo Corporation
Sumitomo Corporation
Sumitomo Corporation is one of the largest worldwide trading company , and is a diversified corporation. Sumitomo is headquartered in the Harumi Island Triton Square Office Tower Y in Chūō, Tokyo, Japan...
from Japan
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
holds an additional 35% and Indonesian company P.T. Pukuafu Indah holds the remaining 20%. 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. 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, and Newmont wished to have more control over potential buyers. In 2008 Newmont sold a 2% stake in P.T. Newmont to the local governments in Sumbawa.