One of the world’s largest gold mining company, Newcrest Mining Limited (ASX:NCM) has finally agreed to sell 100% of Newcrest Singapore Holdings Pte Ltd (NSH) to PT Indotan Halmahera Bangkit. Economic ownership transferred on 31 December 2019.
The NSH owns a 75% interest in PT Nusa Halmahera Minerals which operates the Gosowong mine in Indonesia, and 100% of PT Puncakbaru Jayatama.
The $90 million consideration comprises of $5 million cash deposit paid on execution of the sale and purchase agreement, $55 million cash payable on transaction completion and remaining $30 million deferred cash payable 18 months after completion.
The Company expects to recognise a $44 million loss on divestment of its 75% interest post considering sales proceeds less written down value of the assets sold and transaction costs.
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