JAKARTA: PT Newmont Nusa Tenggara has secured US$600 million loan facility from 16 banks, employing 4.25% of London Interbank Offered Rate (Libor), aiming to finance the sixth and seventh phase development of gold mining company.Such loan facility syndication is led by PT Bank Mandiri Tbk (Persero), Sumitomo Mitsui Banking Corporation and BNP Paribas. Such loan facility has six years maturity with the companys asset functioning as the collateral.This facility will be utilized to enhance working capital and investment, said Newmont Nusa Tenggara President Director Martiono Hadianto.This loan facility aims to enhance working capital and investment in 2011-2013. Such loan syndication has also proven Newmont as a leading company in mining sector. We shall wisely exploit this loan, he said yesterday.After the loan agreement signing, Regional of Energy & Commodity Finance BNP Paribas Gautier Dirckx perceived Indonesia mining sector as relatively strategic industry. Moreover, Newmont happens to be Indonesias top mining company.Both Martiono and Bank Mandiri Deputy Director Riswinandi declined to unveil the interest rate being employed.On the contrary, Head of Corporate Division of PT Bank Negara Indonesia Tbk Rosa Delima Dwi Mutiari was willing to disclose the interest rate for this particular loan.According to her, the interest rate is based on the market situation as it also refers to Libor in 3 months and 4% spread. This means that with Libor rate for three months, reaching 0.25%, the interest rate reaches 4.25%. This rate is applicable for all banks joining such indication.Newmont Nusa Tenggara projects to produce 226,000-228,000 ounce of gold this year. based on the companys calculation, Newmonts gold production shall decline in 2011, 2012 and 2013, yet in 2014 it will rise following the development of Elang Block that has higher gold reserve compared to Batu Hijau.Regarding the completion of 7% stock divestment of Newmont, Martiono Hadianto explained that the company still awaits the final decision and settlement from Ministry of Energy and Mineral Resources subsequent to the signing of sale and purchase agreement between Government Investment Center and Nusa Tenggara BV on 6 May 2011.Previously, Finance Minister Agus D. W Martowardojo has urged Energy and Mineral Resource Minister Zahedy Saleh to legalize the sale and purchase agreement of 7% stock divestment of Newmont through Government Investment Center. Yet, Energy and Mineral Resource Ministry said that Newmont first must fulfill all the requirements needed as well as resolve all legal matters before the approval letter on stock switch is issued.The stock investment is still impeded by 2.2 % stock ownership problem of PT Indonesia Masbaga Investama in Newmont. The gold producer also attempts to accommodate local interest in the completion of such matter.Referring to the working contract chapter 24, Newmont stock divestment aims so that government could control 51% of Newmonts stock. Yet, based on Newmonts financial statement in 2010, on 25 June 2010, PT Pukuafu Indah had completed the disposition of 2.2% Newmont stock to Indonesia Masbaga Indonesia. The document also stated that the voting rights belonged to Newmont. (14/20) (t02/msw)

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