Indonesia's Bumi Resources Minerals nears Newmont stake sale -spokesman

Tue May 3, 2016 11:03pm EDT
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JAKARTA May 4 (Reuters) - Indonesian miner PT Bumi Resources Minerals Tbk (BRMS) is trying to finalise a sale of its stake in Newmont Mining Corp's local operations, its spokesman said on Wednesday.

BRMS shares surged as much as 11.8 percent in early trading, far outperforming the broader Jakarta stock exchange, which slipped 0.3 percent.

BRMS owns 75 percent of PT Multi Daerah Bersaing, which in turn holds a 24 percent stake in Newmont Nusa Tenggara, the operator of Indonesia's second-biggest copper and gold mine.

"There are several third parties that are doing due diligence, they have shown their interest to buy BRMS' stake in Newmont Nusa Tenggara," BRMS spokesman Herwin Hidayat told Reuters by phone. He declined to name the third parties.

The payment scheme and the value of the transaction are still being finalised, Hidayat said, adding that the company hopes that the proceeds from any sale can be used to help pay off some of its outstanding debt. (Reporting by Eveline Danubrata; Editing by Christian Schmollinger)