The government said that the 51 percent stake divestment of PT Newmont Nusa Tenggara will soon be completed if the 2.2 percent share ownership issue of PT Indonesia Masbaga Investama in NNT is cleared. JAKARTA (IFT) - The government said that the 51 percent stake divestment of PT Newmont Nusa Tenggara (NNT), a company that mines gold and copper in Batu Hijau, West Nusa Tenggara, will soon be completed if the 2.2 percent share ownership issue of PT Indonesia Masbaga Investama in NNT is cleared. Gita Wirjawan, Head of the Investment Coordinating Board (Kepala Badan Koordinasi Penanaman Modal/BKPM), said that they will speak with the NNT management to ensure that Newmont Ventures Ltd (NVL), a subsidiary of Newmont Mining Corp., no longer has power of attorney over the voting rights of Masbaga in NNT.
"If the voting rights are relinquished, NNT will release the 51 percent stake to the government," said Gita.
Based on a letter from Blake Rhodes, Vice President of NVL, addressed to the Director of NNT, Martiono Hadianto, NVL revoked the power of attorney to use voting rights over Masbaga’s shares in the event of a default on September 16, 2011. The revocation was intended to ensure NNT's seven percent stake divestment to the Government Investment Financial Center (Pusat Investasi Pemerintah Keuangan) valued at US$ 246.8 million on May 6, 2011.
NVL’s consolidated financial statements show that in 2010, NVL approved a loan to Masbaga worth US$ 71.3 million to buy 2.2 percent stake in PT Pukuafu Indah in NNT. The loan was deemed in violation of the divestment’s due process because Masbaga diverted 2.2 percent voting rights in NNT to Newmont.
Newmont Mining Corp., an American mining company and one of the largest in the world, formed the consortium, Nusa Tenggara Partnership BV along with Japan's Sumitomo Corp., which now has a 49 percent stake in NNT. The remaining 51 percent shares are owned by PT Multi Daerah Bersaing (24 percent), Pukuafu (17.8 percent), Masbaga (2.2 percent), and the Government Investment Center (Pusat Investasi Pemerintah/PIP) of the Ministry of Finance (seven percent).
The purchase of seven percent stake of NNT by PIP (US$ 246.8) was questioned, particularly by the Commission VII and XI of the House of Representatives and the Government of West Nusa Tenggara Province. They said that the seven percent stake divestment of 2010 should belong to PT Daerah Maju Bersaing (DMB), the consortium of three local governments in West Nusa Tenggara. DMB previously teamed up with PT Multi Capital, a subsidiary of PT Bumi Resources Tbk Minerals (BRMS), to form PT Multi Daerah Bersaing and purchased 24 percent stake divestment of NNT for the period of 2006-2009, worth US$ 884 million.
PIP has not settled its seven percent shares purchase to NNT. This is because the government is under pressure from the legislature and local governments in West Nusa Tenggara for the State Audit Board to audit the share purchase. The House also questions Masbaga’s 2.2 percent stake ownership in the NNT, the funding of which was derived from NVL. This caused allegations of links between Masbaga and Newmont Mining.
Soritaon Siregar, Head of PIP, said that the divestment has not been paid because the Ministry of Energy and Mineral Resources and the Investment Coordinating Board have not given their approval regarding changes in the structure of foreign capital in Indonesia.
Thamrin Sihite, Director General of Minerals and Coal of the Ministry of Energy, said that the ministry is still investigating the issue of the 2.2 percent sales of shares. If the allegations are proven correct, the government or the national companies' right to vote will be rescinded at the general meeting of shareholders. Meanwhile, the philosophy of divestment is that 51 percent will be controlled by the state or national companies.
When confirmed by IFT, Martiono Hadianto, Director of NNT, said that NNT is ready to respond to BKPM’s inquiries regarding the NVL’s power of attorney revocation of Masbaga’s voting rights in NNT.
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