Jakarta. Indonesian coal miner Bumi Resources Minerals plans to repay its loans and expand gold, copper and zinc production after completing divestment of its minority stake in miner Newmont Nusa Tenggara, the company announced on Thursday (03/11).

Through its subsidiary Multi Daerah Bersaing, Bumi Resources Minerals sold its 24 percent stake in Newmont to Amman Mineral International, a subsidiary of Medco Energi Internasional, for $400 million.

Medco earlier on Wednesday closed a purchasing deal for a 50 percent stake in Amman Mineral International, which now owns 82.2 percent of Newmont Nusa Tenggara. The purchase was first announced on June 30 this year.

"The proceeds from the Newmont Nusa Tenggara divestment will be allocated to repay most to the company's loans and continue to develop gold, copper, zinc production and lead several projects through its subsidiaries, partly Citra Palu Minerals, Gorontalo Minerals and Dairi Prima Mineral," Bumi Resources Minerals chief executive Suseno Kramadibrata said in a statement received by the Jakarta Globe.

Bumi Resources Minerals, which has a 75 percent stake in Multi Daerah Bersaing, booked $150 million in net losses in the first six months of this year, compared to $3 million net income in the corresponding period last year. The company's revenue also declined to $2.17 million from $5.84 million last year.

Newmont Nusa Tenggara operates copper and gold mines in Batu Hijau on Sumbawa Island in West Nusa Tenggara. The company produced 120,000 metric tons of copper and 0.3 million ounces of gold at the mine.

Bumi Resources Minerals shares closed 10 percent lower on Thursday at Rp 70 a piece on the Indonesian Stock Exchange (IDX).