Vedanta to exclude base metals business from sweeping demerger
The group said it will consider the base metals business demerger at a later stage.
Jimmy Budiarto, the founder of Indonesian gold miner PT J Resources Asia Pasifik, is considering selling his 92.5% stake in the Jakarta-listed company, according to people with knowledge of the matter.
Budiarto is working with financial advisers and has reached out to potential investors, the people said, asking not to be identified as the process is private. Considerations are ongoing and he may decide not to sell, the people said.
Shares of J Resources jumped as much as 6.1% Wednesday following Bloomberg News’ report on the deliberations. J Resources is now up about 170% this year, with a market value of 6.35 trillion rupiah ($410 million).
Budiarto and representatives for J Resources didn’t respond to requests for comment.
The Indonesian company produces about 200,000 ounces of gold a year, according to its website, which says J Resources intends to branch out into other metals and countries over the longer-term. Its current liabilities exceeded assets by $87 million at the end of last year, with loans and borrowings totaling about $335 million, a company financial statement shows.
(By Elffie Chew)
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