Loading ...Newcrest divests Gosowong for $60 million
Newcrest (ASX: NCM) announced Friday it has signed an agreement to sell 100% of Newcrest Singapore Holdings Pte Ltd (NSH) which owns a 75% interest in PT Nusa Halmahera Minerals (PTNHM), which operates the Gosowong mine in Indonesia, and 100% of PT Puncakbaru Jayatama (PTPJ), which employs exploration personnel in Indonesia to PT Indotan Halmahera Bangkit (Indotan).
The move comes after the Joko Widodo government issued a mandate in 2018 stating that major mines such as Gosowong or Freeport-McMoRan’s (NYSE:FCX) Grasberg have to be at least 51% owned by Indonesian companies.