||Indonesia's Bumi Resources Minerals in talks to sell unit stake to Chinese firm
Indonesia's PT Bumi Resources Minerals Tbk is in talks to sell a 29 percent stake in its zinc and lead mining unit to a Chinese firm to pay off debt, a top company official said on Monday.
Bumi Resources Minerals currently owns 80 percent of PT Dairi Prima Mineral, which mines zinc, lead and silver in northern Sumatra. The remaining 20 percent is held by compatriot miner PT Aneka Tambang Tbk.
Bumi Resources Minerals is negotiating with China Nonferrous Metal Industry's Foreign Engineering and Construction Co Ltd for the sale of the stake.
"We are calculating the valuation. Dairi Prima's project value is around $400 million, so the company's valuation is far higher," Bumi Resources Minerals President Commissioner Saptari Hoedaja told reporters.
Bumi Resources Minerals, majority-owned by Indonesian coal miner PT Bumi Resources Tbk, owes nearly $450 million to Credit Suisse, a company spokesman said.