Bakries slow progress of Asia Resource Minerals’ separation
ASIA RESOURCE Minerals – the miner formerly known as Bumi – yesterday said that it has agreed to delay its separation by up to a week after co-founders the Bakrie Group requested an extension to the deadline.
The Indonesia-focused coal miner, which counts billionaire financier Nat Rothschild as one of its founders, said in a separate statement that full-year production had risen 11.7 per cent to 23.5m tonnes, beating previous guidance. Capital expenditure for the year fell by $49m (£30m) to $38m, substantially beating the original forecast of $87m.
Chief executive Nick von Schirnding said he expected 2014 production to grow 10 per cent.
Asia Resource Minerals has been embroiled in a tug-of-war between its feuding co-founders, leading to a separation of the company.
Indonesia’s Bakrie Group had said it was not able to complete certain conditions by yesterday so the deadline has been extended to 19 February. The date for completion of the entire separation is still 21 February, but this may be extended by a week. “We remain intent on completing the separation on the same commercial terms as previously agreed,” a Bakries spokesman said.