Bumi Resources floats minerals unit

Bumi Resources Minerals, which is invested in gold, copper and iron ore mining assets, raises $232 million ahead of a Jakarta listing.

Bumi Resources Minerals has raised Rp2.01 trillion $232 million after pricing its initial public offering at the top of the offering range and upsizing the deal compared with earlier indications.

The company holds a portfolio of resources and mining assets, primarily gold, copper and iron ore, and the listing seems to be timed to take advantage of the strong run-up in gold and copper prices. That is, before the recent correction. However, with global demand for copper still strong and inflation expectations on the rise, prices for both metals can be expected to find renewed support.

As the name implies, Bumi Resources Minerals is owned by Indonesian coal miner Bumi Resources, which in turn is...

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