Base metal and precious metal miners fell
Newmont completes the sale of its stake in PTNNT
Newmont Mining (NEM), the Colorado-based miner, announced the successful completion of its sale of a stake in PT Newmont Nusa Tenggara (PTNNT). Newmont sold its 48.5% economic interest in PTNNT for $1.3 billion to PT Amman Mineral Internasional (PTAMI). Out of the total amount, $920 million is cash payments, while the remaining $403 million is based on higher copper prices in the future and the development of the Elang deposit. Nusa Tenggara Mining Corporation, which has 24.5% ownership in PTNNT, also sold its stake to PTAMI. After these sales, PTNNT’s name changed to PT Amman Mineral Nusa Tenggara (PTAMNT).
Since the beginning of 2016, Newmont rose ~53%. At 11:45 AM EST, Newmont rose ~1.1% to $38.38.