Bumi to list non-coal unit Dec

IDX-listted coal mining giant PT Bumi Resources Tbk will sell 22.53% stake at its non-coal unit PT. Bumi Resources Minerals Tbk on an IPO later this month.

BRM prospectus showed that the company?s shares will be listed at the Indonesia Stock Exchange on December 2, 2010.

Bumi spun off its non-coal assets which includes gold mining concessions in Sulawesi, zinc/lead mine in North Sumatra, stake at copper and gold miner PT Newmont Nusa Tenggara and iron ore in Africa earlier this year.

Bumi said previously that it planned to sell shares in PT Bumi Resources Mineral to raise about $200 million to $300 million to help it repay debt.

BRM will used about $148.8 million funds from the IPO to repay one of its unit's debt to Bright Venture while the rest will be use for capital expenditure for its units. (alex)