Asia Resource Minerals
 |
|
| Public limited company | |
| Traded as | LSE: ARMS |
| Industry | Mining |
| Founded | July 2010 |
| Headquarters | London, United Kingdom |
|
Key people
|
Samin Tan (Chairman) Nick von Schirnding (CEO) |
| Revenue | $1,425 million (2013)[1] |
| $(23) million (2013)[1] | |
| $(252) million (2013)[1] | |
| Website | www.asiarmplc.com/ |
Asia Resource Minerals PLC, is a major international mining group. It is listed on the London Stock Exchange.
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
- ↑ 1.0 1.1 1.2 Preliminary Results 2013
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