M&A

23 November, 2009

UPDATE 1-Newmont, Sumitomo to sell Indonesia JV shrs

NEW YORK, Nov 23 (Reuters) - U.S. gold producer Newmont Mining Corp (NEM.N) and a unit of Japan's Sumitomo Corp on Monday said they had agreed to sell an additional 14 percent stake of an Indonesia joint venture to a group of local governments plus PT Multicapital for $494 million.

The first half of the sale will be completed with approval from the Indonesian government, with the rest to follow soon after. A meeting of the joint venture's shareholders will be held to approve the second part of the transaction.

The venture, PT Newmont Nusa Tenggara, operates the Batu Hijau cooper and gold mine.

(Reporting by Joseph A. Giannone; Editing Bernard Orr)

((joseph.giannone@thomsonreuters.com; +1 646 223 6184; Reuters Messaging: joseph.giannone.reuters.com@reuters.net ))

Source: http://www.reuters.com