Indonesian group to control Newmont Mining unit

[JAKARTA] An Indonesian group is set to buy a controlling stake in US miner Newmont Mining Corp's local operations and the deal is expected to be announced this week, Indonesian businessman Arifin Panigoro said on Tuesday.

Indonesian President Joko Widodo approves of the deal as it is "in (the) national interest", said Mr Panigoro, a key member of the investor group and a founder of oil and gas firm PT Medco Energi Internasional Tbk, to reporters on the sidelines of an event.

Mr Panigoro declined to disclose the size of the deal and other details.

Newmont Nusa Tenggara operates the open pit Batu Hijau mine, the second-biggest copper mine in Indonesia.

REUTERS