Gold major Newcrest will sell its 75%-owned Gosowong mine, in Indonesia, for $90-million, the Australia-based company has announced.
Newcrest will sell its entire interest in PT Nusa Halmahera Minerals (PTNHM), which operates Gosowong and PT Puncakbaru Jayatama, which employs exploration personnel in Indonesia, to PT Indotan Halmahera Bangkit.
The gold mining firm has been under pressure to sell a further 26% stake in Gosowong, after agreeing in mid-2018 that Indonesian parties would own at least 51% of PTNHM by June 2020.
Newcrest MD and CEO Sandeep Biswas commented on Monday that the sale of Gosowong, which the company discovered in 1993, was concluded following an extensive review and sale process.
Gosowong produced 76 040 oz in the first six months of the 2020 financial year, down substantially from the 102 444 oz produced in the comparative period, and is chasing a target of 145 000 oz to 175 000 oz for the fiscal year.