----Original Message-----
> From: [EMAIL PROTECTED]
> [mailto:[EMAIL PROTECTED]
> Sent: Monday, December 10, 2007 9:11 AM
> Subject: Fw: DEWA
>
>
> Our analyst's quick take on DEWA's rumoured
> acquisition on PT
> Newmont..............Trading Buy!!
>
>
> Dewa on Newmont Nusa Tenggara
>
> - Dharma henwa is on the top notch of the shortlist
> of financiers for
> the
> local government to buy 3% of Newmont Mining. Note
> that local government
> has the first right to buy the stakes and is now
> shortlisting potential
> financiers. So, dharma henwa will not get direct
> ownership of Newmont,
> no
> divident from Newmont, just interests payment from
> the local government.
> - However, dharma henwa is very likely to have
> option to buy and control
> the local government's stakes in the long-run. Note
> that up to 31% of
> Newmont's stakes are bound to be divested to local
> entities in stages by
> 2010. 3% is the first stage, followed by 7% next
> year, 10% the following
> year and another 10% in final year. 20% of Newmont
> is already owned by
> local company named Pukuafu Indah.
> - The 3% stake is worth US$109m. Dharma Henwa is
> still mulling over the
> financing scheme to the local government. If they're
> gonna use some of
> the
> US$200m from IPO proceeds for this, they will need
> to report to Bapepam
> and
> raise debt to fund its capex going forward. Current
> net gearing is about
> 48%.
> - Short tem benefit for Dharma Henwa: could get
> contracts to build
> infrastructure around the mine. Its subsidiary DH
> Power likely to build
> power plants and DH infrastructure could also have
> portion of
> potentially
> new smelter to built in the mine site. Contract
> mining of the mine site
> is
> still likely to be run by Newmont. Note that Batu
> Hijau mine, the asset
> of
> Newmont Nusa Tenggara, is one of the largest copper
> and gold mine in the
> world, with reserves expected to last for next 2
> decades.
> - Long term benefit for Dharma henwa could be
> interesting, with
> potentially
> continuing to back local government to increase
> stakes in Newmont Nusa
> Tenggara and eventually buying the local
> government's stakes, exercising
> its option to buy.
>
> Rania Rahmundita
> Research
> CIMB-GK Securities Indonesia
> Phone : (+6221) 515 1330 (ext. 180)
> Fax : (+6221) 515 1340
> " Please note that with effect from 31st Jan 07, my
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