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Indonesian provincial govt threatens to shut down Newmont gold mine

Jakarta (ANTARA News/Asia Pulse) - The West Nusatenggara (NTB) provincial administration has threatened to shut down U.S. mining company PT Newmont Nusa Tenggara's (NNT) gold mines in the region if it continues to delay the process of divesting its shares.

The deadline is December 20, 2007 for NNT to sell 10 per cent of its shares, spokesman of the regional administration Manggaukang Rabba told the newspaper Investor Daily.

NNT is required under its contract to gradually sell 51 per cent of its stake to local partners until a certain period after it start commercial operation.

The regional administration has agreed to team up with PT Bumi Resources (JSX:BUMI) to buy the 7 per cent stake worth US$282 million and the Sumbawa district administration in partnership with PT Dharma Henwa are eyeing 3 per cent at a price of US$109 million.