PT Newmont Nusa Tenggara is a subsidiary company of
Newmont Mining Corporation
Newmont Corporation is a gold mining company based in Greenwood Village, Colorado, United States. It is the world's largest gold mining corporation. Incorporated in 1921, it owns gold mines in Nevada, Colorado, Ontario, Quebec, Mexico, the Domin ...
that operates their
Batu Hijau mine in
Indonesia
Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania between the Indian and Pacific oceans. It consists of over 17,000 islands, including Sumatra, Java, Sulawesi, and parts of Borneo and New Guine ...
on the island of
Sumbawa
Sumbawa is an Indonesian island, located in the middle of the Lesser Sunda Islands chain, with Lombok to the west, Flores to the east, and Sumba further to the southeast. Along with Lombok, it forms the province of West Nusa Tenggara, but th ...
.
[ ]
Newmont holds a 45% stake in the company while the
Sumitomo Corporation from
Japan holds an additional 35% and Indonesian company
P.T. Pukuafu Indah holds the remaining 20%.
Newmont and Sumitomo are required to divest 51% of their stake in the joint venture Indonesian parties by 2010 by the agreement signed under the Indonesian government of
Suharto.
The Indonesian government declined to purchase 10% of the company between 2006 & 2007 because of lack of funds, and Newmont declined to sell to local governments because the governments were backed by unnamed private parties,
and Newmont wished to have more control over potential buyers.
In 2008 Newmont sold a 2% stake in P.T. Newmont to the local governments in Sumbawa.
Award
The company received the Aditama Award in 2011, as the best mining company in terms of mineral mining environment management.
References
{{Mining in Indonesia
Mining companies of Indonesia
Sumbawa