IDX okays Bumi?s mineral unit IPO plan

Metal and gold mining firm PT Bumi Resources Mineral (BRM) had been given clearance by Indonesia Stock Exchange (IDX) to proceed with IPO plan, Jakarta media reported on Thursday.

?IDX has okayed BRM?s IPO plan and they now can proceed to the next stage, which is getting approval from Securities and Exchange Commission,? IDX President Eddy Sugito said.

BRM is planning to raise up to US$ 400 million by floating 16.22 percent shares at the IDX. The Company, whose assets include minority stake at copper-gold miner PT Newmont Nusa Tenggara, pre-production gold mines in Sulawesi and pre-productiron zinc-lead mine in North Sumatra is a unit of another IDX-listed mining giant PT Bumi Resources Tbk, which, in turn, is controlled by the Bakrie family. (*)