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Newmont considers IPO for 10 percent of Indonesian unity
PT Newmont Nusa Tenggara (NNT), the Indonesian unit of Newmont Mining Corp, on Thursday will seek shareholder approval to sell up to 10 percent of its shares in an initial public offering, company documents showed.
Newmont will be the third foreign miner to list its Indonesian unit
locally, a move that the Indonesia stock exchange is keen to encourage
in order to raise the market’s profile and improve liquidity,
particularly at a time when Indonesian stocks .JKSE are trading at close
to a record high.
“We will hold an extraordinary shareholders meeting this week to decide
on an IPO plan to broaden NNT’s financing options,” said Rubi Poernomo, a
spokesman for Newmont Indonesia, on Wednesday.
Nickel miner PT International Nickel Indonesia, a unit of Brazil’s Vale
Inco Ltd, and coal miner PT Indo Tambangraya Megah, a unit of Thailand’s
Banpu, are listed in Jakarta.
Foreign investors are pouring money into Southeast Asia’s biggest
economy, including stocks and bonds, because of its strong growth
prospects on the back of domestic demand and exports of natural
resources.
“I think this is good news for our stock market that is looking to
increase its size, which is still very small even though the country is
the region’s biggest economy,” said Edwin Sinaga, president director at
PT Finan Corpindo Nusa, a local brokerage.
NNT said in a shareholder document that it plans to seek as much as $800
million from bank loans or from third parties to finance capital
expenditure.
Newmont previously said that it needs $3 billion to develop the Elang
copper reserve in Sumbawa, which has estimated sufficient reserves for
production until 2060.
A government official said on Wednesday that Newmont would get
government approval to list its local unit, which produces copper and
gold, on the Jakarta stock exchange.
“We will not say no if Newmont wants to go for an IPO, we may likely
approve it as we encourage foreign mining firms to be listed in
Indonesia,” Bambang Gatot Ariyono, director for minerals and coal
development at the energy ministry, told Reuters.
Source: Reuters
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