Sumitomo Corporation enters agreement to sell its interest in Batu Hijau Copper/Gold Mine
01 July 16, 12:00 am
On June 30th, Sumitomo Corporation (Head office: Tokyo, President/CEO: Kuniharu Nakamura) (“Sumitomo Corp”) has entered into a binding share sale and purchase agreement with PT Amman Mineral Internasional (Head office: Indonesia) to sell all of its interests (18.2 percent) in PT Newmont Nusa Tenggara (“PTNNT”), which is currently held through its subsidiary Nusa Tenggara Mining Corporation of Japan.
Sumitomo Corp invested in PTNNT in 1997, which owns the Batu Hijau Copper Gold mine along with other concessions on Sumbawa Island, Indonesia. This sale will be carried out along with Newmont Mining Corporation (Head office: USA) ("Newmont") which is the major shareholder.
Closing is anticipated in the third quarter (July-September) of 2016 after the receipt of regulatory approvals and satisfaction of conditions precedent.