The asset's name changes to PT Amman Mineral Nusa Tenggara.
Newmont received $US1.3 billion for its 48.5% interest in PTNNT.
That was split $920 million in cash and contingent payments of $403 million tied to higher copper prices and any future development of the Elang deposit.
Nusa Tenggara Mining Corporation, majority owned by Sumitomo Corporation, also sold its 24.5% ownership stake to PTAMI.
"Newmont has been a long-term partner with the government of Indonesia and we support the new owner as they take responsibility for the asset and its team," Newmont president and CEO Gary Goldberg said.
"Selling our ownership stake in PTNNT streamlines our portfolio and allows us to focus on assets that best match our capabilities for creating value and managing risk.
"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 US and Australia."
According to Newmont the company has generated $2.8 billion in fairly valued asset sales, advanced five organic projects and lowered net debt by 56% since 2013 with the completion of this sale.