Local Governments Seek Funds for Newmont Stake
A consortium of local governments in West Nusa Tenggara will start seeking money on Friday to acquire US-based Newmont’s 31 percent of local unit PT Newmont Nusa Tenggara, an official said on Tuesday.
Heryadi Rachmat, head of the province’s mining agency, said the winner of the asset would be announced on July 17.
The consortium, comprised of the governments of West Nusa Tenggara and the West Sumbawa and Sumbawa districts, would buy the 10 percent Newmont must divest for the 2006-07 period. JG