Vallar ties up Berau purchase

Vallar, the mining investment vehicle launched by Nathaniel Rothschild, said yesterday that holders of $450m (£277m) in 12.5 per cent secured bonds from Berau Capital Resources should bring them forward to either be cashed by Berau or bought by Vallar. The requirement, made as part of the change of control of Berau to Vallar, is one of the final issues following the closure of the $3bn reverse takeover between Vallar and Berau and Bumi Resources, both owned by Indonesia’s Bakrie family. The two mining companies hold sought-after thermal coal assets in Indonesia. Vallar is to take a 75 per cent stake in Berau and a 25 per cent stake in Bumi, creating a combined entity named Bumi that will list on the London Stock Exchange.