W Sumbawa Wants 7 Percent Stake Newmont

Mataram (Antara Bali) - The regency of West Sumbawa said it hopes the central government gives priority to the district  to acquire a 7 percent stake in PT Newmont Nusa Tenggara (NNT), A US company  which operates a big copper and gold mines in that area.

The Central government has indicated that it wants the Government Investment Center (PIP) to acquire the stake.

The US company is required to sell the 7 percent stake as regulated under its contract after a certain period of commercial operation.

Under its contract, NNT is to divest by phases 51% of its shares  to the government  or local partners named by the government.

A company jointly owned by the  provincial administration of West Nusa Tenggara, Sumbawa regency and West Sumbawa regency  was already given the right to acquire 24 percent stake in NNT.

"Our hope is the 7 percent stake should be given specially to producing the district,"  Zulkifli, the West Sumbawa regent said when asked about the opportunity of the district administration to acquire the stake.(IGT)