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- Newcrest Mining (NCM) has completed the sale of Newcrest Singapore Holdings and, along with it, the Gosowong mine in Indonesia
- The company has completed the sale to Indotan Halmahera Bangkit for $90 million of which $60 million has already been received
- Newcrest Singapore holds a 75 per cent interest in gold miner PT Nusa Halmahera Minerals, which operates the Gosowong mine
- The decision to divest came after the Gosowong contract of work was amended, requiring its operating company to be majority-owned by Indonesian parties
- Shares in Newcrest closed 1.57 per cent higher today, worth $28.54 per share
Newcrest Mining (NCM) has completed the sale of Newcrest Singapore Holdings and, along with it, the Gosowong mine in Indonesia.
The company has completed the sale to Indotan Halmahera Bangkit for $90 million of which $60 million has already been received. The remaining $30 million is due within the next 18 months.
Newcrest Singapore Holdings owns a 75 per cent interest in the gold miner Nusa Halmahera Minerals (PT NHM) which operates Gosowong.
The gold miner amended the Gosowong contract of work to require PT NHM to be majority-owned by Indonesian parties.
When announcing the sale in January, Newcrest Managing Director and CEO Sandeep Biswas bid Gosowong a warm farewell.
“Gosowong has been a valued part of our operating portfolio since we discovered it in 1993, with first production commencing in 1999. Over the last 30 years we have built valued relationships with our Indonesian joint venture partners, suppliers, employees, government and community stakeholders,” he said.
“I would like to extend my sincere thanks to all our Gosowong employees who have contributed so much to the success of Gosowong and Newcrest over the past few decades. All of us at Newcrest wish our Gosowong colleagues and Indotan all the best for the future.”
At the time, Newcrest estimated the divestment would recognise a $44 million loss on the divestment.
Shares in Newcrest closed 1.57 per cent higher today, worth $28.54 per share.
