{"id":1133210,"date":"2019-08-18T13:17:15","date_gmt":"2019-08-18T18:17:15","guid":{"rendered":"https:\/\/www.mining.com\/?p=999567"},"modified":"2019-08-18T13:17:15","modified_gmt":"2019-08-18T18:17:15","slug":"newcrest-ready-to-divest-interest-from-indonesian-asset","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1133210","title":{"rendered":"Newcrest ready to divest interest from Indonesian asset"},"content":{"rendered":"<p>In its <a rel=\"noreferrer noopener\" aria-label=\"2018\/19 Full Year Financial Results (opens in a new tab)\" href=\"https:\/\/www.newcrest.com.au\/media\/financial_reports\/2019\/FY19_Results_Release.pdf\" >2018\/19 Full Year Financial Results<\/a>, published on August 16, 2019, Newcrest Mining (ASX: NCM) announced that it has started a process aimed at divesting a least a 26% interest from its current 75% ownership of the Gosowong gold operation in Indonesia.<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>The move comes after the Joko Widodo government issued last year a <a href=\"https:\/\/www.mining.com\/indonesia-sets-framework-freeport-yield-control-grasberg-mine\/\"  rel=\"noreferrer noopener\" aria-label=\"mandate (opens in a new tab)\">mandate<\/a> stating that major mines such as Gosowong or Freeport-McMoRan\u2019s (NYSE:FCX) Grasberg have to be at least 51% owned by Indonesian companies.<\/p>\n<p>\u201cNewcrest\u2019s 75% owned Indonesian subsidiary, PT Nusa Halmahera Minerals (PTNHM), entered into an agreement with the Government of Indonesia to amend the Gosowong Contract of Work (CoW). A key amendment to the CoW included a requirement that Indonesian parties own at least 51% of PTNHM within two years of signing the amendment agreement,\u201d the report reads.<\/p>\n<p>According to the <em>Australian Financial Review<\/em>, an auction for the interest in the $246-million asset is already underway and a transaction should be completed before the miner\u2019s deadline to divest, which is set for June 2020.<\/p>\n<p>Gosowong is located on Halmahera Island, about 2,450 kilometres northeast of the national capital, Jakarta. It is a gold (epithermal and epithermal \u2013 low sulfidation) deposit, with additional occurrences of silver.\u00a0<\/p>\n<p>Through the year ended on June 30, the underground operation produced 190,000 ounces of gold and generated $29 million in free cash.<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The move comes after the Joko Widodo government mandated that major mines have to be at least 51% owned by Indonesian companies.<\/p>\n","protected":false},"author":42,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[2849,369,2640],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1133210"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/42"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1133210"}],"version-history":[{"count":1,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1133210\/revisions"}],"predecessor-version":[{"id":1133211,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1133210\/revisions\/1133211"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1133210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1133210"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1133210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}