Bumi mulls listing subsidiaries outside Indonesia

Publicly-listed mining company PT Bumi Resources Tbk may list its mineral subsidiaries in a stock exchange outside Indonesia.

Bumi?s CEO Ari Hudaya said the company was looking for ?a suitable bourse? to list the shares of the company?s subsidiaries.

Industrial sources said the company was likely to choose the London Stock Exchange.

The sources said the subsidiaries that Bumi would like to list on foreign stock markets are PT Gorontalo Mineral, which has a copper and gold prospect in the northern part of Sulawesi, and PT Citra Palu Mineral, also in the northern part of Sulawesi, Citra Palu has found gold reserves which are ready to be developed, but could not realize the development plan due to problems related the existence of protected forests in its concession.

Bumi is also reportedly eying to acquire some shares in copper and gold producer PT Newmont Nusa Tenggara in cooperation with the local government. (Godang)