Financier Nathaniel Rothschild and a member of Indonesia’s Bakrie family were involved in an angry exchange on Twitter after they completed a long-delayed $501 million deal to unwind a three-year coal investment.
Asia Resource Minerals Plc, the coal-mining venture founded by Nathaniel Rothschild and Indonesia’s Bakrie family three years ago, reported a wider full-year loss after prices for the power-station fuel fell.
A slump in coal prices to a four- year low means the biggest producers are facing tough decisions to shutter unprofitable mines, Asia Resource Minerals Plc Chief Executive Officer Nick von Schirnding said.
Indonesia’s Bakrie family completed a $501 million deal to sever ties with London-listed Asia Resource Minerals Plc almost two years after the venture with financier Nathaniel Rothschild began to sour.
Indonesia’s Bakrie family expects to complete a delayed $501 million deal to exit its investment in Asia Resource Minerals Plc this week, ending a three-year attempt to expand coal-mining interests with a London listing.
At one of the world’s largest coal mines in the Indonesian province of South Kalimantan, enough of the fossil fuel is being stolen every three days to fill a vessel almost the size of the Chrysler Building, according to two people with knowledge of the situation.
The Bakrie family’s attempt to convert $1.3 billion of debt into equity at Indonesia’s PT Bumi Resources and to cut business ties with U.K. financier Nathaniel Rothschild is being stymied by slumping coal prices.
Indonesia’s Bakrie family said it has all the funds needed to meet the original terms of a deal to exit the coal-mining venture it founded with Nathaniel Rothschild, a week after announcing it was $65 million short.