- Write by:
-
Monday, August 19, 2019 - 10:14:41 AM
-
879 Visit
-
Print
Mining News Pro - In its 2018/19 Full Year Financial Results, published on August 16, 2019, Newcrest Mining (ASX: NCM) announced that it has started a process aimed at divesting a least a 26% interest from its current 75% ownership of the Gosowong gold operation in Indonesia.
The move comes after the Joko Widodo government issued last year a mandate stating that major mines such as Gosowong or Freeport-McMoRan’s (NYSE:FCX) Grasberg have to be at least 51% owned by Indonesian companies.
“Newcrest’s 75% owned Indonesian subsidiary, PT Nusa Halmahera Minerals (PTNHM), entered into an agreement with the Government of Indonesia to amend the Gosowong Contract of Work (CoW). A key amendment to the CoW included a requirement that Indonesian parties own at least 51% of PTNHM within two years of signing the amendment agreement,” the report reads.
According to the Australian Financial Review, an auction for the interest in the $246-million asset is already underway and a transaction should be completed before the miner’s deadline to divest, which is set for June 2020.
Gosowong is located on Halmahera Island, about 2,450 kilometres northeast of the national capital, Jakarta. It is a gold (epithermal and epithermal – low sulfidation) deposit, with additional occurrences of silver.
Through the year ended on June 30, the underground operation produced 190,000 ounces of gold and generated $29 million in free cash.
Short Link:
https://www.miningnews.ir/En/News/412664
Mining News Pro - With the recently approved acquisition of Newcrest Mining, Newmont will be well-positioned to set the ...
Mining News Pro - Gold miner Newmont Corp said on Monday it has received clearance from Australia’s competition ...
Mining News Pro - Australia’s Newcrest Mining Ltd, which has received a A$26.2 billion takeover offer from Newmont Corp, ...
Mining News Pro - Newcrest Mining Ltd. has agreed to a takeover deal with Newmont Corp. worth about A$28.8 billion ...
Mining News Pro - Takeover target Newcrest Mining on Thursday reported lower third-quarter gold output after facing ...
Mining News Pro -Australia’s Newcrest Mining Ltd on Thursday rebuffed Newmont Corp’s $16.9 billion bid but left the door ...
Mining News Pro - Australia’s Newcrest Mining Ltd posted a 10% sequential rise in third-quarter gold output on Thursday, ...
Mining News Pro - Newcrest Mining, which owns 70% of the Havieron gold-copper project in Australia, flagged on Thursday ...
Mining News Pro - Australia’s largest gold producer Newcrest Mining on Friday said it expects output in the March ...
No comments have been posted yet ...