PERTH (miningweekly.com) – Gold miner Newcrest Mining has finalised the sale of its Gosowong mine, in Indonesia, for $90-million.
The company in early February struck an agreement with PT Indotan Halmahera Bangkit to divest of its entire interest in Newcrest Singapore Holdings (NSH), which holds a 75% interest in PT Nusa Halmahera Minerals (PT NHM), which operates the Gosowong mine.
Newcrest on Thursday told shareholders that $60-million of the sales price had already been received, with the remaining $30-million payable within the next 18 months.
The sale of NSH followed a strategic review of the asset and the need to comply with an amended contract of work for PT NHM, which required at least 51% of the company to be held by Indonesian parties before the end of June this year.
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.