US gold major Newmont Mining has agreed to sell its stake in the Batu Hijau copper/gold mine in Indonesia, citing its strategic priorities to lower debt and fund its highest-margin projects.
The Denver, Colorado-based miner has agreed to sell its 48.5% stake in PT Newmont Nusa Tenggara (PTNNT) for $1.3-billion to PT Amman Mineral Internasional (PT AMI). According to Newmont, Nusa Tenggara Mining Corporation, majority owned by Sumitomo Corporation, had also agreed to sell its ownership stake to PT AMI.
