Newmont Mining Corp. said it successfully completed the sale of its stake in an Indonesian mine for $1.3 billion.

The Denver mining company (NYSE: NEM) said it sold its 48 percent stake in PT Newmont Nusa Tenggara, which operates the Batu Hijau copper and gold mine in Indonesia, to PT Amman Mineral Internasional.

"We will use sale proceeds to continue self-funding our highest margin projects, retiring debt and paying competitive dividends. With the sale completed, our long-term cost and production outlook remains stable, and approximately three quarters of our gold reserves are now based in the United States and Australia," said Gary Goldberg, president and CEO of Newmont, in a statement.

Newmont announced it was selling its stake back in June.

Read more at the Denver Business Journal: