Deals
Newmont Exiting Indonesia in $1.3 Billion Sale to Local Firm
- U.S.-based miner says Sumitomo Corp. is also part of the deal
- Transaction contingent on government and valid export license
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Newmont Mining Corp., the largest U.S. bullion producer, agreed to sell its Indonesian copper and gold assets for $1.3 billion to a local consortium, as the country pushes miners to build smelters rather than exporting raw materials.
PT Amman Mineral Internasional, a closely held Indonesian company backed by three local banks, will buy Newmont’s 48.5 percent interest in the operator of the Batu Hijau mine, the Greenwood Village, Colorado-based company said Thursday in a statement. Sumitomo Corp. also agreed to sell its stake in an asset that Newmont says has a gross valuation of more than $2.5 billion.