After a long dispute, Indonesia decided to offer a stake of 7% in a unit of US based Newmont Mining Corp. The stake sale was made to a local government after long disagreement of who should get the share in the copper and gold miner.
Coordinating Economic Minister Hatta Rajasa said in a statement that the Indonesian government does not have any allocated budget for the purchase. That is why the purchase was handed down to the local government unit.
Newmont is the world's second largest gold producer and was founded in 1921. The company has significant assets in the US, Australia, Peru, Ghana, India, Mexico and New Zealand. The miner was long caught in a legal battle between business back local government arm and central authorities for the right to acquire its stake. The said stake was in the Batu Hijau mine in the West Nusatenggara province.
The gold producer Newmont Mining operates in partnership with Sumitomo Corp of Japan.
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