Antam acquires 7.5% stakes in Nusa Halmahera Minerals, the joint venture of Antam and Newcrest, as against the payment of $160m.
Pending approvals from the Ministry for Energy & Mineral Resources and the Indonesia Investment Co-Ordinating Board, Antam will pay Newscrest $130m while the other $30m is to be paid by December 2017 after additional gold resource of 1m ounces have been.
Antam president and director Alwinsyah Lubis has said that with further stake in Gosowong mine would improve the company’s portfolio.
Following the completion of transaction, the companies will extend their 18-year long partnership with Newcrest owning 75% and Antam the other 25% in joint venture.
