TEMPO.CO, Jakarta - Medco Energy International commissioner Muhammad Lutfi said that the government had not approved his company’s plan to acquire PT Newmont Nusa Tenggara.

“There’s no deal yet,” Lutfi told Tempo on Thursday, March 31, 2016.

Medco’s plan to acquire Newmont had been spreading since Lutfi and Newmont’s president director Arifin Panigoro met President Joko “Jokowi” Widodo at the State Palace on Monday, March 28, 2016. A follow up meeting had been scheduled on Thursday, but Lutfi and Arifin did not attend the meeting.

However, Lutfi, who is a former of Trade Ministry, refused to reveal negotiation points that were being disccused.

Newmon’ts acquisition plan by Medco had been pitched since November last year. Coordinating Maritime Affairs Minister Rizal Ramli said that Arifin Panigoro planned to acquire 76 percent of Newmont’s shares worth US$ 2.2 billion.

The rumor had caused Medco’s share to increase by 6.39 percent to Rp 1,420 per share on the first trading session today. The share trading frequency reached 1,129 with a daily transaction value of Rp 7.8 billion (US$573,600).

Medco's share price hike was significant compared to yesterday’s final trading session at Rp 1,330 per share. Before Lutfi and Arifin’s meeting with Jokowi, Medco’s share price was at Rp 1,195 per share.

PINGIT ARIA