Bumi

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Bumi plc
Type Public limited company
Traded as LSEBUMI
Industry Mining
Founded July 2010
Headquarters London, United Kingdom
Key people

Samin Tan (Chairman)

Nick von Schirnding (CEO)
Revenue $1,407 million (2011)[1]
Operating income $241 million (2011)[1]
Net income $(282) million (2011)[1]
Website www.bumiplc.com

Bumi plc is a major international mining group. It is listed on the London Stock Exchange.

History[edit]

In July 2010 Vallar plc, a Jersey-incorporated investment vehicle founded by Nathaniel Rothschild, raised £707.2 million ($1.07 billion) in an Initial public offering on the London Stock Exchange. Together with other members of the Vallar management team, they have invested £100 million in shares of the company. Vallar decided to focus on investments in mining of metals, coal, and iron ore in the Americas, Russia, Eastern Europe, and Australia.[2]

In November 2010, Vallar announced it was buying stakes for $3bn in two listed Indonesia thermal coal (used for power stations) producers for a combination of cash and new Vallar shares, with a view to combining them to create the largest exporter of thermal coal to China, India, and the other emerging economies of Asia. The transaction closed as planned on 8 April 2011.[3] In April 2011, Vallar plc was renamed Bumi plc.[4]

In September 2012 the company announced that it was looking into possible financial irregularities at its Indonesian arms resulting in a 14% fall in its share price.[5] Its much-delayed financial results for 2012 showed a $200m black hole.[6]

Operations[edit]

The company has an 84.7% holding in Berau Coal[7] and a 29.18% holding in Bumi Resources,[8] which owns 87% of Bumi Resource Minerals.[9]

References[edit]

  1. ^ a b c Preliminary Results 2011
  2. ^ "£707M Vallar float exceeds". express.co.uk. 
  3. ^ "Vallar Completes Acquiring 75% Berau, Recapital Says". bloomberg.com. 
  4. ^ "Vallar to Buy Bumi Minerals for $2.1 Billion to Add Deposits". bloomberg.com. Retrieved 30 July 2011. 
  5. ^ "Bumi investigates alleged financial irregularities". The Telegraph. 24 Sep 2012. Retrieved 7 October 2012. 
  6. ^ Josephine Moulds (31 May 2013). "Bumi reveals $200m black hole in financial results". The Guardian. 
  7. ^ "Berau Coal Energy". Reuters. Retrieved 18 February 2013. 
  8. ^ "Indonesia Stock Movers: Bumi Resources, Garuda, Indika Energy". Bloomberg. Retrieved 18 February 2013. 
  9. ^ Bumi: Home page