Indonesian group said to prepare US$2bil Newmont mine bid

SINGAPORE: An Indonesian consortium led by veteran investment banker Agus Projosasmito is preparing to offer about US$2bil for control of Newmont Mining Corp’s operations in the country after lining up bank financing, people with knowledge of the matter said.

The investor group plans to bid for about 80% of local operating company PT Newmont Nusa Tenggara over the next week at the earliest, the people said, asking not to be named before an announcement. It is poised to borrow about US$1bil from banks including BNP Paribas SA, Malayan Banking Bhd and Societe Generale SA, as well as state-owned lenders PT Bank Negara Indonesia and PT Bank Mandiri, according to the people.