Indonesia gold and copper miner NNT delays $500m IPO again over government stake

Indonesian gold miner Newmont Nusa Tenggara’s long-delayed initial public offering is not likely to happen this year as the problematic divestment process has prompted the company to re-evaluate the terms of the IPO. NNT’s management had planned to hold the IPO in the second half of this year, selling a 10 percent stake to the public in a bid to raise $500 million as it expected the delayed divestment process would be completed by mid-April.

The Jakarta Globe reports:

The Finance Ministry has urged the Energy Ministry to immediately approve the government’s purchase of a 7 percent stake, which is the last remaining set of NNT shares to be divested so the company can proceed with its IPO.