Indonesia Hot Stocks-Antam jumps on Newmont unit news

JAKARTA, Nov 4 (Reuters) - Shares in Indonesian miner PT Aneka Tambang (ANTM.JK) jumped as much as 8 percent on some local media reports that it may head a consortium to buy some of Newmont Mining Corp's (NEM.N) shares in its Indonesian venture.

An arbitration court in March ordered foreign shareholders of PT Newmont Nusa Tengara (PT NNT) to sell part of their stake to local investors or to the government within six months, resolving a long-running dispute over a contractual divestiture. [ID:nJAK452038]

Some local media reported that Antam would be involved in that process.

"It shows that Antam has been trusted to negotiate with Newmont directly as well as the local government. Antam will have a chance to diversify its business going forward with the additional gold and copper mines," said Norico Gaman, head of research at BNI Securities.

"This will be the best momentum for Antam to expand, with a full support of the government." Antam, which has a stock market value of $2.17 billion, is involved in the exploration and production of nickel, bauxite, iron sands, gold and silver, as well as smelting ferronickel.

Shares in Antam have more than doubled this year, outperforming the broader market .JKSE which is up 73 percent. (Reporting by Tyagita Silka; Editing by Sara Webb)