Newcrest closes $60m sale of Gosowong mine in Indonesia

By MINING.COM / March 04, 2020 / www.mining.com / Article Link

Gosowong gold mine, Indonesia. Image by Newcrest.

Newcrest (ASX: NCM) announced Wednesday the finalized sale of 100% of Newcrest Singapore Holdings Pte (NSH) to Indotan Halmahera Bangkit (Indotan) for A$90m, (about $60m) of which A$60m has already been received and the remaining A$30m is payable in 18 months.

NSH owns 75% of PT Nusa Halmahera Minerals (PT NHM), which operates the Gosowong mine in Indonesia. The move comes after Joko Widodo's government issued a mandate in 2018 stating that major mines such as Gosowong or Freeport-McMoRan's (NYSE:FCX) Grasberg have to be at least 51% owned by Indonesian companies.

The Gosowong gold operation is located on Halmahera Island, about 2,450 kilometres northeast of the national capital, Jakarta. It is a gold (epithermal) deposit with additional occurrences of silver.

The Gosowong mine produced 190,000 ounces of gold at an all-in sustaining cost (AISC) of $1,099/oz for the 2019 financial year.

Newcrest expects to recognize a A$44m loss on divestment of its 75% interest after taking into account the sales proceeds less written down value of the assets sold and transaction costs.

Recent News

Platinum, palladium, copper gain on green China, supply constraints

September 29, 2025 / www.canadianminingreport.com

Gold stocks continue to soar as markets stumble

September 29, 2025 / www.canadianminingreport.com

Gold stocks again reach new highs

September 22, 2025 / www.canadianminingreport.com

Silver outpaces major metals in recent months

September 22, 2025 / www.canadianminingreport.com

Another 'Bubble Check' for the gold sector

September 08, 2025 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok