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Indonesian group to buy control of Newmont unit for $2 billion

Reuters | April 5, 2016 | 6:58 am Asia Europe 

An Indonesian group including prominent businessman Arifin Panigoro has agreed to buy a controlling stake in Newmont Mining Corp’s local metals operations in a deal that industry insiders say could reach $2 billion.

Panigoro, the founder of oil and gas firm PT Medco Energi Internasional Tbk, told reporters of the planned purchase on the sidelines of an event on Tuesday. The deal will be announced this week, he said.

He added that Indonesian President Joko Widodo approves of the deal to buy the stake in the local Newmont unit, Newmont Nusa Tenggara, as it is “in (the) national interest”.

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