| By Andi Abdussalam |
Jakarta, Aug 7 (ANTARA) - The purchase deadline for seven percent of PT Newmont Nusa Tenggara (NNT)'s divested shares was extended for the third time on Monday, after a Constitutional Court's ruling directing the government to get the House's approval. An earlier deadline for the deal was set for March 18, 2011, which was extended to May 6, 2012. This deadline was extended again on Monday to October 25, 2012. The sale of seven percent of NNT's shares is the last phase of the company's divestment process, which was expected to conclude in 2010. The sale of the seven percent stake is part of the 31 percent shares NNT has to divest. The transaction has been delayed three times due to an inconclusive debate on whether the Indonesian government needs to get the deal approved by the DPR. Indonesian laws necessitate foreign companies in the mining sector to transfer 51 percent of their shares to the government or local companies after five years of commercial operation. Based on these laws, NNT is obligated to gradually divest 31 percent of its stake to the government or local companies. NNT has undergone several phases of divestment since 1996. 24 percent its stake was divested by 2009 and the remaining seven percent was supposed to have been sold in the last phase in 2010. In December 2010, the Indonesian government struck a deal with NNT for the purchase of the remaining seven percent stake through the Government Investment Center (PIP), without the approval of the House of Representatives (DPR). The State Audit Board (BPK) also agreed with the DPR and said that the government needs to get the House's approval because it plans to fund the deal with capital sourced from the state budget. This public disagreement between the government and the DPR has resulted in the sale deadline being extended thrice. "We signed an agreement amending the deadline for the purchase of the stake today," Ruby Purnomo, head of the Communications Department at NNT said on Monday. He added that the Constitutional Court (MK) had rejected the government's request for a legal review of the regulation which requires it to seek the House's approval for purchasing the NNT stake last week. Despite the MK ruling, the central government still has a chance to acquire the NNT stake, but then so does the NTB regional government, which has also expressed an interest in buying the shares. As with the earlier divestment of NNT's stake, the government had assigned the PIP to act on its behalf and sign the Sales Purchase Agreement (SPA) with NNT. "The current deadline for the purchase of the 2010 divestment stake is October 25, 2012," Purnomo said, adding that the government had agreed to make the go ahead with the deal on December 17, 2010 and set March 18, 2011 as the deadline. At the time, the government valued the seven percent stake at US$271.6 million, or about Rp2.5 trillion, but was unable to decide whether it should be sold to the NTB regional government, other national private companies or the central government itself. But the open disagreement between the MK and the DPR on one side and the government on the other has derailed the divestment process. The BPK supports the House as the PIP intends to use state budget funds for the deal. The NTB local government has also been fighting for its right to purchase NNt's shares. The House has also asked the Ministry of Energy and Mineral Resources to allow the NTB regional government to buy the seven percent divested stake of NNT, which operates the Batu Hijau mine, Indonesia's second-largest copper and gold mine in West Nusa Tenggara. Whether the central government succeeds in buying the stake or not depends on its getting the House¿s approval, as directed by the Constitutional Court. "The government indeed has the authority to purchase seven percent of PT Newmont¿s shares, but it must do so with the DPR's approval," Constitutional Court Chairman Mahfud MD said. He said the government had to postpone its plan to purchase PT Newmont Nusa Tenggara shares pending an approval from the House of Representatives. He added that taking the decision to use investment funds to purchase NNT¿s shares was part of the Finance Ministry's mandate, but the plan to buy the shares worth Rp 1 trillion through the PIP and including that expenditure in the 2011 budget cannot be done without the DPR's approval. "The plan must be discussed first with the DPR to determine possible risks that will be jointly borne," Mahfud said. Legislator Zaini Rachman of the DPR¿s Commission XI on financial affairs has also asked the Finance Minister to abide by the MK ruling. In wake of the Constitutional Court's ruling, the finance minister should refrain from violating the law again, Rachman said. "The House Commission XI asks the minister to respect the MK ruling," he said. He added that the NTB regional government should also be given a chance to bid for NNT's stake. Finance Minister Agus Martowardojo said he respects the MK decision. "Of course we have to respect the Constitutional Court decision. I will take time to study the decision with the government." |
Selasa, 07 Agustus 2012
DEADLINE OF NEWMONT STAKE PURCHASE EXTENDED AGAIN
Rabu, 02 November 2011
LAW MINISTER TO DECIDE ELIGIBLE PARTY FOR NEWMONT STAKE
| By Andi Abdussalam |
Jakarta, Nov 2 (ANTARA) - The 'dispute' between the finance minister and the House about the party most eligible to purchase shares to be divested by PT Newmont Nusa Tenggara (NNT) is expected to be solved after the law and human rights minister issues a legal opinion. "We will wait for the legal opinion of the ministry of law and human rights," Energy and Mineral Resources Minister Jero Wacik said here on Wednesday after he had decided to leave the issue to the Law and Human Rights Ministry. The local government of West Nusa Tenggara (NTB) has been struggling for the right to purchase seven percent of PT NNT shares in the last phase of a mandatory divestment process although Finance Minister Agus Martowardojo wanted the government to buy the stock through the Government Investment Center (PIP). Earlier, the House of Representatives (DPR)'s Commission XI on financial affairs said it would summon the finance minister about the government's decision to purchase the seven percent stake in NNT. "The finance minister will be summoned as soon as possible to cancel the government's plan to purchase the NNT divestment shares," said Commission XI Deputy Chairman Harry Azhar Azis. A mining observer even suggested that the government cease its efforts to acquire the NNT stake and sit together with all parties involved to discuss the problem. "I think all parties involved should sit together to discuss the problem and try to reach a new agreement," Khomaidi, a mining observer, who is also deputy director of the Reforminer Institute, said. The parties involved are the government, NNT, the Government Investment Center (PIP), the finance ministry, the House of Representatives (DPR), and the State Audit Board (BPK) which audited the process the government had initiated to buy MNT shares. The State Audit Board (BPK) in its opinion said the acquisition process the government had begun called for the use of funds from the state budget. "The BPK said in its opinion that its audit had shown there was the potential of violations in the government's plan to fpurchase the MNT shares. So, we will soon summon the minister," Harry said. He said that there were two points in the opinion of the state audit board that had needed to be heeded by the government. "BPK said an investment by the government using state money needs to be covered by a special government regulation. The same applies to the provision of state participation funds to state-owned enterprises which also needs a special government regulation," he said. The second thing, he said, is that the government needs approval from the House if it wants to make the investment. "The House must approve it in the first place because the funds to purchase the MNT stake would come from the state budget. So far, the finance minister has never asked for the House's approval," he said. In order to get another legal opinion, Minister Wacik left the matter to the law minister. He said the ministry of law and human rights was now studying the legal aspects of the process to divest the 7-percent stake in NNT. The House of Representatives had asked the ministry of energy and mineral resources to give a chance to the West Nusatenggara (NTB) region to obtain the NNT stake, even if Finance Minister Agus Martowardojo had said the government would acquire it through the PIP. Wacik said he had just received a letter from House Commission VII on energy affairs asking the minister to give the seven percent stake to the region (regional government). "So, we will look into it which one is legally correct, whether it is the central government or the regional administration that has the right to purchase the stake," Wacik said. The government's decision to acquire the seven percent stake in PT NNT which operates the Batu Hijau mine, Indonesia's second-largest copper and gold mine in West Nusa Tenggara, has since the beginning been opposed by the local people. Last April, thousands of West Sumbawa district civil servants and other locals took to the streets and blocked roads to the mining location in protest against the central government's plan to buy the shares. They demanded that the seven percent stake be offered to the government of West Sumbawa distict, West Nusa Tenggara province. The law in Indonesia requires foreign companies in the mining sector to transfer 51 percent of their shares to the government or local companies after five years of commercial operation. Thus, NNT had the obligation to divest 51 percent of its stake but because PT Pukuafu Indah, a local company owned a 20-percent stake in NTT, the company was only required to gradually sell a total of 31 percent of its stake to the government or local parties. However, both the government and NNT were then involved in a dispute on how to implement the divestment scheme. The international arbitration court ruled in favor of the Indonesian government, where NNT had to divest three percent of its shares for 2006 and seven percent stake for each year from 2007 through 2010. Up to 2009, 24 percent of the divestment process had been carried out, leaving another seven percent in the last phase for 2010, which until now the central government and local administration are fighting to acquire.***5*** |
Senin, 25 April 2011
WEST SUMBAWA GOVT PRESSING FOR NEWMONT STAKE
| By Andi Abdussalam |
Jakarta, April 25 (ANTARA) - The West Sumbawa district government is pressing ahead with its demand to be given the right to buy the seven percent divestment stake in PT Newmont Nusa Tenggara (NNT), which operates the Batu Hijau mine in West Nusa Tenggara (NTB) province. The head of West Sumbawa district is even threatening to temporarily stop the operations of the country's second-largest copper and gold mine company if the central government realizes its plan to buy the seven percent stake. Last week, civil servants, students and other components of the local people took to the streets to demand the seven percent divestment share, which the central government has decided to buy. The Indonesian government, through the Government Investment Center (PIP) has written to PT NNT about its decision to buy the seven percent stake in PT NNT. "I am not convinced that the central government will realize its plan to acquire the seven percent NNT divestment stake because the finance minister is required in the first place to make a calculation of its advantages and disadvantages as otherwise it would face problems," West Sumbawa District Head Zulkifli Muhadly said on Sunday. The problems the central government can face include rejection by the House of Representatives (DPR)'s Commission VII on energy affairs and Commission XI on financial affairs and resistance by the local governments, both district and provincial As regards, Deputy Chairman of DPR's Commission XI Harry Azhar Azis, has also criticized the government's move to acquire the company's shares before it was thoroughly deliberated with the House. According to Harry Azhar Azis, Finance Minister Agus Martowardoyo had agreed to deliberate it with the House but it turned out to move ahead even before the deliberation was held with DPR. West Sumbawa district Head Zulkifli Muhadly even threatened to temporarily halt NNT operations if the government realized its plan." It is too risky for the finance minister to realize the plan. That's why I don't believe the central government will do it. So, let wait and see," he said. He said that he would follow the local people's aspirations and do what they wanted it to do. "I want to do what the people want me to do. So far, the locals are willing to stop the firm's operation if the government realizes its plan. As the district head, I will stop it if they ask me to do if the central government does realize its plan," he said. However, if the people of West Sumbawa did not want the temporary closure the district head promised to stay silent. "I will keep quite, though I am not sure they do not want the closure," he said. Zulkifli said the reason for the temporary closure of the mining company because the problem would not create conducive climate where the people's aspirations were not followed. "If not conducive, the operations should be halted. If the locals blockade the access or entrance into NNT, the reason to stop the operation for the time being is enough," he said. The district head said that the people of West Sumbawa wanted the stake as a form of appreciation of the firm for the local people after its 10 years of operation in the district. "If the seven percent are given to us it would constitute an appreciation by NNT for the local people after operating more than 10 years," said Zulkifli. He said that the people had not yet benefited from the presence of the company in the past 11 years. He said that its presence even brought social economic impact where people experienced high inflation rate which was the highest among regions in Indonesia. "The inflation impact has decreased the local people's purchasing power, not to mentioned the spread of HIV/AIDS disease," he said. In the meantime, the provincial government also needs to receive compensation if the central government acquire the seven percent stake. "The provincial government must receive compensation if it is the central government who purchases the seven percent divestment stake. The regional government also wants the seven percent shares," Deputy Chairman of the NTB Legislative Assembly (DPRD) Suryadi Jaya Purnama said on Monday. Suryadi who comes from the Prosperous Justice Party (PKS) said that he had also asked other political parties to help fight for the interest of the regional government in the acquisition of the seven percent divestment state worth US$271.6 million. The seven percent purchase is the last phase of the divestment process of Newmont Nusa Tanggara in accordance with Article 24 of the work contract in 1986, according to Hadiyanto, the director general for state asset affairs of the Finance Ministry. Newmont as a foreign firm has passed several phases of divestment process since 1996. Based on the law, the company is required to gradually sell a total of 31 percent of its stake to the government or local parties. Up to 2009, 24 percent of the divestment process had been carried out, leaving another seven percent in the last phase for 2010. The 24 percent divestment of Newmont's shares from 1996 to 2009 period was held in 2009. ***5*** |
Senin, 18 April 2011
GOVT'S PLAN TO ACQUIRE NEWMONT STAKE DRAWS PROTEST
| By Andi Abdussalam |
Jakarta, April 18 (ANTARA) - The government's decision to acquire a seven percent stake in PT Newmont Nusa Tenggara (NNT) which operates the Batu Hijau mine, Indonesia's second-largest copper and gold mine in West Nusa Tenggara, is being opposed by the local people and the House of Representatives (DPR). Thousands of West Sumbawa district civil servants and other locals took to the streets on Monday and blocked roads the mining location in protest against the central government's plan to buy the seven percent share in the firm. They demanded that the seven percent stake be offered to the government of West Sumbawa distict, West Nusa Tenggara province. According to Harry Azhar Azis, Finance Minister Agus Martowrdoyo had violated an agreement with the House to hold further deliberations on the purchase of the NNT shares. He said that the finance minister and his commission had agreed to discuss the government's plan to buy NNT'S share after the completion of the House recess period early in May. "If the government has decided to purchase the shares of NNT, it means that the minister has violated the agreement with the House," Harry said. The Indonesian government, through the Government Investment Center (PIP) has bought seven percent of PT NNT's shares as part of the implementation of Article 24 of a work contract signed in 1986. The seven percent purchase is the last phase of the divestment process of Newmont Nusa Tanggara in accordance with Article 24 of the work contract in 1986, according to Hadiyanto, the director general for state asset affairs of the Finance Ministry. Newmont as a foreign firm has passed several phases of divestment process since 1996. The law in Indonesia requires foreign companies in the mining sector to transfer 51 percent of their shares to the government or local companies after five years of commercial operation. So. NNT has the obligation to divest 51 percent of its stake. But since PT Pukuafu Indah, a local company has owned 20 percent stake in it, the company is only required to gradually sell a total of 31 percent of its stake to the government or local parties. However, both the government and NNT were later involved in a dispute on how to implement the divestment scheme. The international arbitration court ruled in favor of the Indonesian government, where NNT had to divest three percent shares for 2006 and seven percent stake for each year from 2007 through 2010. Up to 2009, 24 percent of the divestment process had been carried out, leaving another seven percent in the last phase for 2010. The 24 percent divestment of Newmont's shares from 1996 to 2009 period was held in 2009. The share purchase was made by the regional government through PT Multi Daerah Bersaing, a joint venture between PT Daerah Maju Bersaing (belonging to West Nusa Tenggara provincial administration and Sumbawa Barat district government) and Sumbawa district administration. Hadiyanto said, PIP and Newmont were now in the process of finalizing the terms and conditions for the execution of the seven percent stake purchase. However, Commission XI of the House, Harry said, will question the finance minister's decision. Harry who is a cadre of the Golkar Party faction said that the government should not have made a unilateral decision as it was related to the use of state money. "The use of state money must be approved by the House. The question is that whether the funds that would be used to acquire NNT's shares had been included in the state budget," he said. If the purchase of the shares had no allocation in the state budget while the minister went ahead with his decision, it meant that the minister had violated the law on state budget. In the meantime, rallies held around Newmont Nusa Tenggar mining site, West Sumbawa district, on Monday did not disturb the firm's operation. NNT Public Relations Manager Kasan Mulyono said security officers ensured security so that Newmont remained in normal activities. The mass rallies were held by thousands of civil servants, students and local people who demanded that the seven percent stake should be offered to the local government of West Sumbawa district. Protesters happened to clash with security officers when they approached the mining complex but security officers were able to drive them back. A number of demonstrators were rushed to the nearest community health-care centers as a result of wounds. West Sumbawa government called on NNT not to worsen the condition with statements that hurt the regional government and its people. "The regional government hopes that its cooperation and partnership with the company should not be tarnished with accusations and statements which further worsened the relations," He said that the local people and the regional government had taken part in building the good investment climate so that it would become more conducive for the operation of PT Newmont Nusa Tenggara. "The people's rallies should not be seen as an act of terrors and anarchism that hampered investment," he said. General Manager for Operations of NNT David Lilley earlier on Sunday expressed through a press statement his disappointment on the West Sumbawa district head whom he accused of having a plan to pressurize civil servants so that they would block the Batu Hijau mining location and to halt the operation of the firm. "The district head's task is to enforce the law, ensure public order and support the economic development, not to carry out blockade that would halt the operations of NNT," David Lilley said.***5*** |
Rabu, 20 Mei 2009
GOVT TO FINISH CALCULATION OF NEWMONE DIVESTMENT
Jakarta, May 19 (ANTARA) - The government is resolved to finish calculating the value of PT Newmont Nusa Tenggra (NNT) assets this week so that an agreement can be reached with the giant mining firm on the price at which it is to acquire MNT shares this month.
"The government team will calculate the value of the company's mineral reserves, assets and financial conditions. We will use the result of our calculation as a reference in negotiations with NNT," Director General for Mineral Resources, Coal and Geothermal Bambang Setiawan said here on Tuesday.
NNT, which operates the Batu Hijau mine, Indonesia's second-largest copper mine located in Nusa Tenggara, is now under a divestment process of 31 percent of its shares where 3 percent must be offered to the government for 2006, and 7 percent for each year from 2007 though 2010.
The government and NNT have reached an agreement for the divestment of 3 percent worth US$109 million of the company's share for 2006 with assets valued at US$3.63 billion, and 7 percent worth US$282 million for 2007 with assets accounting for US$4.03 billion.
However both sides are still negotiating the divestment of 7 percent of NTT stake for 2008 and 2009 respectively. In order to determine the 7 percent divestment prices for 2008 and 2009, the government and the company have to agree the values of its assets.
NNT has offered the government a seven percent divestment price of US$426 million for 2008 with assets worth US$6.09 billion, and a seven percent divestment price of US$348 million for 2009 with assets worth US$4.97 billion.
The government team has met with NNT twice to discuss the divestment price of the mining firm. In the first meeting on April 24, 2009, NNT foreign stakeholders claimed the company had assets worth a total of US$4.97 billion in 2009.
With assets worth US$4.97 billion, the price of seven percent of the stake in the divestment of the firm in 2009 would reach US$348 million. This figure still constituted a proposal by NNT.
In the second meeting of the team on May 8, 2009, the government discussed the NNT's price proposal.
However, mining observers said NNT's claim of its assets was overvalued. "The value of NNT assets is not that high," Pri Agung Rakhmanto who is executive director of ReforMiner Institute, said recently.
He said that based on the annual report of NNT in 2008, the value of total assets of Newmont Mining Corporation (NMC) --the holding company of NNT-- was only US$15.839 billion. The value of NMC's assets in Indonesia, including that of NNT and PT Newmont Minahasa Raya (NMR), is about 17 percent (of the US$15.839 billion).
"With that reference, the combined value of NNT and NMR's assets is only about US$2.693 billion," Rakhmanto said. International Arbitration
Last year, NNT and the government went through an international arbitration procedure following a dispute on how to implement the divestment scheme.
According to a 1986 contract, Newmont must gradually sell a total of 31 percent of its stake in NNT to the government or local parties it appoints by 2010. Of these stakes, 3 percent must be offered to the government in 2006, and 7 percent each year in 2007 through 2010.
The government accused the company of breach of contract for failing to meet the March 3 deadline to divest a 10 percent stake, a charge denied by the company at the time.
By the end of 2007, according to the contract, the foreign shareholders were supposed to have sold 10 percent of their stake in NTT, which they failed to do.
The court ruled in favor of the Indonesian government. Under the decision of the international arbitration court, Newmont is required to sell 17 percent of its stake which was supposed to be carried out in the 2006-2008 period.
In addition, Newmont will also sell 14 percent of its stake allocated for 2009 and 2010, bringing the total of shares Newmont has to sell to 31 percent.
In order to implement the divestment, the government has set up a team in charge of calculating NNT's share values.
The mandatory 17 percent consisted of shares for 2006, 2007 and 2008. The government and NNT have agreed divestment price of three percent stake in 2006 valued at US$109 million with assets worth US$3.63 billion and seven percent stake in 2007 worth US$282 million with assets accounting for US$4.03 billion.
The government and NNT are still negotiating the divestment price of seven percent stake for 2008 and 2009.
NNT has offered a price of the seven percent stake for 2008 at US$426 million with assets accounting for US$6.09 billion and seven percent at US$348 million for 2009 with assets worth US$4.97 billion.
The government recently indicated it wanted that NNT should put one value on its assets for 2008 and 2009 to show up real value of its shares.
Bambang Setiawan, said that based on a single value for Newmont assets, the government could move forward to assess a real price of the NNT shares.
"Newmont gives us different values for NNT's assets in 2008 and in 2009. We want them to come up with a single value, meaning one value for 2008 and 2009 assets," Bambang Setiawan said.***2*** (T.A014/A/HAJM/19:45/a014 ) (T.A014/A/A014/A/A014) 19-05-2009 20:39:11
Senin, 27 April 2009
GOVT ADVISED TO ACQUIRE OVER 20 PCT OF NEWMONT STAKES
By Andi Abdussalam
Jakarta, April 27 (ANTARA) - The Indonesian government on Monday was urged to acquire over 20 percent stakes in PT Newmont Nusa Tenggara (NNT), or more than the mandatory 17 percent ruled by an international arbitration court last month.
"The government should acquire more than 20 percent of the shares because if it buys less than 20 percent it would only be able to place one representative in the board of commissioners so that its supervisory power would be weak," Muhammad Said Didu, secretary of the Ministry of State Enterprises (BUMN) said here on Monday.
The Indonesian government and NNT, the local unit of giant Newmont Mining Corp., are currently negotiating the divestment of 17 percent of its shares based on the decision of the international arbitration court on March 31, 2009.
Based on a 1986 contract, the company is required to gradually sell a total of 31 percent of its stake to the government or local parties it appoints. The law requires a foreign company in the mining sector to transfer 51 percent of its shares to the government or local companies after five years of its commercial operation.
But since PT Pukuafu Indah, a local company, has owned 20 stake in it, NNT is required to divest only 31 percent.
The Indonesian government and NNT, which operates the Batu Hijau mine, Indonesia's second-largest copper mine, located in Nusa Tenggara, have gone through the international arbitration procedure following a dispute on how to implement the divestment scheme.
The court ruled Newmont must sell a mandatory 17 percent stake in PT Newmont Nusa Tenggara (NTT) to the government within 180 days.
The 17 percent consisted of three percent shares in 2006, seven percent stake in 2007 and seven percent in 2008.
According to Siad Didu, the government purchase of NNT shares should not be limited to 17 percent based on the decision of the international arbitration as it would only weaken the government position in the board of commissioners.
The government should look at the NNT divestment comprehensively, and adjust it to the coal and mineral resources law where state companies should get priorities in the exploitation of mining resources in Indonesia.
As regards, a scenario should be set which enables the government or a state-owned company to acquire the stake not partially but in a comprehensive scale with a look for a long term mining exploitation.
In order to implement the divestment, the government has set up a team in charge of calculating NNT's share values. Earlier reports said that the mandatory 17 percent shares consisted of three percent stake in 2006 valued at US$109 million with assets worth US$3.63 billion.
The remaining 14 percent included seven percent stake in 2007 worth US$282 million with assets accounting for US$4.03 billion and seven percent in 2008 valued at US$426 million with assets accounting for US$6.09 billion.
In the meantime, foreign stakeholders in NNT have claimed the company has assets worth a total of US$4.9 billion.
Mineral, Coal and Geothermal Affairs Director General Bambang Setiawan said after a meeting with the NNT management at his office the government would carry out a verification of the value of the company's assets as claimed by its foreign shareholders.
With assets worth US$4.9 billion, the price of seven percent of the stake in the divestment of the firm in 2009 would reach US$348 million, he said.
NNT president director Martiono Hadianto was reluctant to comment on the price of his firm's assets mentioned by Setiawan. Martiono said price calculation should not be based merely on the present assumption but also that of the future projection. Apart from commodity prices, other assumptions such as inflation and cost factors should also be taken into account.
Mining observer Pri Agung Rakhamanto said the claim saying the value of PT Newmont Nusa Tenggara (NNT)'s assets reached US$4.9 billion was too high.
"The value of NNT assets is not that high," Rakhmanto who is also executive director of ReforMiner Institute, said here on Monday.
He said that based on the annual report of NNT in 2008, the value of total assets of Newmont Mining Corporation (NMC) --the holding company of NNT-- was only US$15.839 billion. The value of NMC's assets in Indonesia, including that of NNT and PT Newmont Minahasa Raya (NMR), is about 17 percent (of the US$15.839 billion).
"With that reference, the combined value of NNT and NMR's assets is only about US$2.693 billion," Rakhmanto said. Thus, it is possible for the government to negotiate the divestment price of NNT stake for 2006 and 2007 because the agreement already reached has not yet been executed.
Minister for State Enterprises (BUMN) Sofyan Djalil said he would meet with Energy and Mineral Resources (ESDM) Minister Purnomo Yusgiantoro to discuss further the divestment of NNT.
"We will hold a technical team first with the ESDM ministry and we hoped that there would be options to be recommended by the meeting. We will study whether a state company would be required to acquire the firm or the government would directly purchase it," he said.
Actually, there had been a state company which is ready to purchase the mining firm. The BUMN ministry, he said, is also studying the possibility of forming a consortium which would involve the local government in the mechanism of acquiring the NNT stake.***2*** (T.A014/A/HAJM/A/S012) 22:00/... ) (T.A014/A/A014/A/S012) 27-04-2009 22:20:23