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Jul. 01, 2016
Sumitomo Corporation

Sumitomo Corporation enters agreement to sell its interest in Batu Hijau Copper/Gold Mine

On June 30th, Sumitomo Corporation (Head office: Tokyo, President/CEO: Kuniharu Nakamura) (“Sumitomo Corp”) has entered into a binding share sale and purchase agreement with PT Amman Mineral Internasional (Head office: Indonesia) to sell all of its interests (18.2 percent) in PT Newmont Nusa Tenggara (“PTNNT”), which is currently held through its subsidiary Nusa Tenggara Mining Corporation of Japan.

Sumitomo Corp invested in PTNNT in 1997, which owns the Batu Hijau Copper Gold mine along with other concessions on Sumbawa Island, Indonesia. This sale will be carried out along with Newmont Mining Corporation (Head office: USA) ("Newmont") which is the major shareholder.

Closing is anticipated in the third quarter (July-September) of 2016 after the receipt of regulatory approvals and satisfaction of conditions precedent.

About Batu Hijau
Start of operation : 2000
Shareholding of PTNNT :  
    Newmont Mining Corporation 31.5percent
    PT Multi Daerah Bersaing 24percent
    PT Pukuafu Indah 17.8percent
    PT Indonesia Masbaga Investama 2.2percent
    Sumitomo Corp                                      18.2percent
    Sumitomo Metal Mining Co. Ltd 3.5percent
    Mitsubishi Materials Corporation 1.75percent
    Furukawa Co. Ltd 1.05percent
Product : Copper concentrate
Annual production capacity : 210Kt
Reserves : 597.5Mt

Inquiries

Corporate Communications Department,
Sumitomo Corporation

TEL:+81-3-5166-3100News Release Contact Form

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