Oct 18, 2011

BRMS seals US$40.80 mio dividend

Noncoal miner PT Bumi Resources Minerals Tbk (BRMS), that is controlled by PT Bumi Resources Tbk (BUMI), today reports that its subdiary PT Multi Daerah Bersaing has obtained a US$40.80 million dividend from PT Newmont Nusa Tenggara.
Multi Daerah is 75% owned by Bumi Minerals. The dividend is based on Multi Daerah's 24% stake in Newmont.
CFO Yuanita Rohali at BRMS said about 80% of the dividend will be used to pay loan facility and interest expense to Credi Suisse. The remaining will be used to finance working capital requirements at Multi Daerah's level.
BRMS CEO Ken Farrell said despite the volatile market, the company is optimistic to deliver outstanding growth in both financial and production results.
"We are on track to commence first iron ore production from Bumi Mauritania concession early 2012. Our Gorontalo Minerals gold and copper projects will finalize its JORR reserve and resources estimate by end of 2012," he said.

Disclosure: No position at the stock mentioned above. 

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