Asia Resource Minerals, was a mining company listed on the

London Stock Exchange London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St P ...

History

In July 2010 Vallar plc, a

Jersey Jersey ( , ; nrf, Jèrri, label= Jèrriais ), officially the Bailiwick of Jersey (french: Bailliage de Jersey, links=no; Jèrriais: ), is an island country and self-governing Crown Dependency near the coast of north-west France. It is the l ...

-incorporated investment vehicle founded by Nathaniel Rothschild, raised £707.2 million ($1.07 billion) in an

Initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investme ...

on the

. 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 Mining is the extraction of valuable minerals or other geological materials from the Earth, usually from an ore body, lode, vein, seam, reef, or placer deposit. The exploitation of these deposits for raw material is based on the economic ...

metal A metal (from Greek μέταλλον ''métallon'', "mine, quarry, metal") is a material that, when freshly prepared, polished, or fractured, shows a lustrous appearance, and conducts electricity and heat relatively well. Metals are typicall ...

coal Coal is a combustible black or brownish-black sedimentary rock, formed as rock strata called coal seams. Coal is mostly carbon with variable amounts of other elements, chiefly hydrogen, sulfur, oxygen, and nitrogen. Coal is formed when ...

, and iron ore in the

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, and Australia. 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. In April 2011, Vallar plc was renamed Bumi plc. 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. Its much-delayed financial results for 2012 showed a $200m black hole. 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. 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. The company had an 84.7% holding in '' Berau Coal''.

References

{{reflist

External links

Official site
British companies established in 2010 Sinar Mas Group