Bumi arm makes Samin Tan its president as his power grows
CHAIRMAN of mining company Bumi, Samin Tan, was yesterday named as president director of Bumi Resource Minerals (BRM).
BRM is a company listed on the Jakarta Stock Exchange and the appointment was made at an extraordinary general meeting.
Tan replaces Ken Farrell in the role, the company said in a market statement. Farrell, an Australian, joined BRM after 21 years with mining giant BHP Billiton in various executive and management roles.
BRM holds various non-coal mineral operating, development and exploration properties in Indonesia and in West Africa. BRM has a mixed portfolio of minerals, including copper, gold, zinc, lead, iron ore and diamonds.
Coal entrepreneur Tan, who became a major investor in Bumi alongside the Bakrie family last year, was made chairman in March.
Former chairman Nat Rothschild and the Bakrie camp fell out in November after a letter from Rothschild demanding a “radical cleaning up” on corporate governance issues was leaked.
The incendiary letter caused uproar with the Bakries, who were furious at the way the issue was publicly aired.
Tan then stepped into the fold as chairman while as part of a peace deal Rothschild has remained on the board.
Bumi’s main operations are mining in coal rich Indonesia.