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Berau Coal Energy
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Berau Coal Energy
PT Berau Coal Energy Tbk is a major coal producer based in Jakarta, Indonesia. It was Indonesia's fifth largest coal producer as of 2013.
Berau Coal Energy was created in 1983, following the signing of a contract with the Indonesian government as sole mining contractor within the Berau regency of East Kalimantan. Production began in 1994.
The mining company operates three active mines (Lati, Sambarata and Binungan) at a single site in East Kalimantan. Berau Coal has an estimated resources of about 2.6 billion tons, with probable and proven reserves estimated at 512 million tons (mt), lie within a single concession of around 118,400 hectares.
All three mines produce thermal coal, using conventional open pit mining techniques, primarily to supply the Chinese market.
Berau Coal became a part of Vallar plc, after British financier Nathaniel Rothschild acquired a controlling stake in the company for £700m in July 2010.
In 2013, it was variously reported that $173 million had allegedly gone "missing" or that "mysteriously vanished" or that a withdrawal was "unauthorised" from Berau Coal under Rosan Roeslani's leadership. Roeslani disputed the claims.
As part of an effort to restructure and take control of the business, Rothschild offered to fund US$100 million into Berau Coal and offered sign a restructuring support agreement with creditors in February 2015.
After a series of internal disputes, disagreements and investigations turned into "financial irregularities" at Berau Coal, Amir Sambodo agreed to resign in March 2015 as the president of Berau Coal. However, he failed to give up the position and refused to allow Asia Resource Minerals's chief financial officer, chief mining officer or his successor into the head office of Berau Coal. For a while, executives acting on behalf of Rothschild only had limited access to Berau Coal's accounting systems and bank account information.
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Berau Coal Energy
PT Berau Coal Energy Tbk is a major coal producer based in Jakarta, Indonesia. It was Indonesia's fifth largest coal producer as of 2013.
Berau Coal Energy was created in 1983, following the signing of a contract with the Indonesian government as sole mining contractor within the Berau regency of East Kalimantan. Production began in 1994.
The mining company operates three active mines (Lati, Sambarata and Binungan) at a single site in East Kalimantan. Berau Coal has an estimated resources of about 2.6 billion tons, with probable and proven reserves estimated at 512 million tons (mt), lie within a single concession of around 118,400 hectares.
All three mines produce thermal coal, using conventional open pit mining techniques, primarily to supply the Chinese market.
Berau Coal became a part of Vallar plc, after British financier Nathaniel Rothschild acquired a controlling stake in the company for £700m in July 2010.
In 2013, it was variously reported that $173 million had allegedly gone "missing" or that "mysteriously vanished" or that a withdrawal was "unauthorised" from Berau Coal under Rosan Roeslani's leadership. Roeslani disputed the claims.
As part of an effort to restructure and take control of the business, Rothschild offered to fund US$100 million into Berau Coal and offered sign a restructuring support agreement with creditors in February 2015.
After a series of internal disputes, disagreements and investigations turned into "financial irregularities" at Berau Coal, Amir Sambodo agreed to resign in March 2015 as the president of Berau Coal. However, he failed to give up the position and refused to allow Asia Resource Minerals's chief financial officer, chief mining officer or his successor into the head office of Berau Coal. For a while, executives acting on behalf of Rothschild only had limited access to Berau Coal's accounting systems and bank account information.