Deals
Indonesian Businessman Plans to Buy Newmont Mine, Minister Says
- Medco founder aims to build smelter for future production
- Newmont says no discussions so far meet its sale criteria
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An Indonesian businessman aims to buy a controlling stake in Newmont Mining Corp.’s copper mine in the country, a government minister said.
Arifin Panigoro, the founder of Indonesian oil company PT Medco Energi Internasional, plans to acquire 76 percent of PT Newmont Nusa Tenggara for an estimated $2.2 billion, Rizal Ramli, a coordinating minister for mining, told a televised press conference after meeting the businessman. Panigoro aims to build a smelter to handle future production, the Jakarta Globe newspaper quoted him as saying. Ramli and Panigoro did not respond to text messages seeking comment.