UPDATE 1-Indonesia plans to buy 7 pct Newmont unit stake

* Stake in Sumbawa gold mine operator worth about $272 mln

* Could buy stake through state-investment agency or state-owned firms

(Update with quotes, details)

JAKARTA, Dec 17 (BestGrowthStock) – Indonesia plans to buy a 7 percent stake in
Newmont Mining Corp’s Indonesia unit, worth around $272 million,
Finance Minister Agus Martowardojo on Friday.

Newmont and Japan’s Sumitomo Corp are the majority owners of PT
Newmont Nusa Tengara (NNT) which runs the Batu Hijau copper and gold mine in
West Nusa Tenggara province. Last year, they were ordered to reduce their
holding in the unit to less than 50 percent by selling to local investors.

The central government had previously not taken part in sales of stakes
totalling 24 percent of the mining unit.

“Government has delivered its intention to take the right,” Martowardojo
said. “At the moment it will be government, whether it will be state
investment agency or state owned firms we will discuss it later. ”

The government is going to finalise the plans in the form of presidential
decree this year, he added.

The previous stakes had been sold to PT Multi Daerah Bersaing — a
consortium of the governments of West Nusa Tenggara province, West Sumbawa
regency and Sumbawa regency where the mine is located — and PT Multicapital,
a unit of Bumi Resources Minerals .

PT Pukuafu Indah, a local NNT shareholder, owns a 20 percent stake.

(Reporting by Rieka Rahardiana; Editing by Lincoln Feast)

UPDATE 1-Indonesia plans to buy 7 pct Newmont unit stake