Newmont de-risks by selling Batu Hijau copper mine
On June 30 2016, Newmont Mining announced the sale of its full 48.5% economic interest in PT Newmont Nusa Tenggara (PTNNT), owner of the Batu Hijau copper-gold mine in Indonesia, for US$1.3 billion. The buyer is Indonesian company PT Amman Mineral Internasional, which is also acquiring the shares of other PTNNT stakeholders, including Sumitomo's 18.2%, and moving to close to 100% economic control of PTNNT. In a related transaction, a controlling stake in PT Amman Mineral Internasional was announced by PT Medco Energi Internasional (MedcoEnergi) and Indonesian investment company AP Investment. The deal values the effective full ownership of PTNNT at US$2.7 billion.