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Bumi to dig for buyers.

Publication: Vietnam Investment Review
Publication Date: 04-SEP-06
Format: Online
Delivery: Immediate Online Access
Full Article Title: Bumi to dig for buyers.(PT Bumi Resources Tbk's PT Arutmin Indonesia and PT Kaltim Prima Coal)

Article Excerpt
Indonesian mining firm PT Bumi Resources Tbk last week said it cancelled the planned $3.2 billion sale of coal mines to a local investment bank, but would cast around for another buyer.

Bumi, Indonesia's largest listed mining group, agreed in March to sell PT Arutmin Indonesia and PT Kaltim Prima Coal, among the country's biggest coal exporters, to PT Borneo Lumbung Energi, an affiliate of Renaissance Capital, in what would have been Indonesia's second-biggest acquisition.

But people close to the deal have said Renaissance's creditors, who were to finance more than...

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