Asia Resource Minerals

Asia Resource Minerals PLC, is a major international mining group. It is listed on the London Stock Exchange.

Asia Resource Minerals plc
TypePublic limited company
LSE: ARMS
IndustryMining
FoundedJuly 2010
HeadquartersLondon, United Kingdom
Key people
Samin Tan (Chairman)
Amir Sambodo (CEO)
Revenue$1,425 million (2013)[1]
$(23) million (2013)[1]
$(252) million (2013)[1]
Websitewww.asiarmplc.com/

History

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] It was reported that Rosan Roeslani, a former CEO of the subsidiary, had stolen $173 million from the firm. The firm decided that if Roeslani returned the money, no legal action would be taken.[7]

In December 2013 the company changed its name to Asia Resource Minerals; at the same time Samin Tan paid $223 million to purchase the Bakrie family's 23.8% stake in the company.[8]

Operations

The company has an 84.7% holding in Berau Coal.[9]

References
  1. Preliminary Results 2013
  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. "Rosan Roeslani emerges as surprise buyer of Inter Milan". The Telegraph (UK). 15 October 2013. Retrieved 6 June 2015.
  8. "Curtain comes down on Bumi after shareholders vote for split". The Telegraph. 17 December 2013. Retrieved 13 August 2014.
  9. "Berau Coal Energy". Reuters. Retrieved 18 February 2013.
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