SINGAPORE Oct 9 Indonesia's PT Bumi Resources
said on Wednesday China's sovereign wealth fund, China
Investment Corp (CIC), has agreed to convert part of an
outstanding $1.3 billion loan into stakes in the miner's PT Bumi
Resources Minerals unit, its coal mines and a small
stake in Bumi Resources itself.
"PT Bumi Resources Tbk announces that it has entered into an
agreement to settle $1.3 billion principal amount of its
remaining debt with China Investment Corp," it said in a
The latest move follows a last-minute $425 million debt
extension by the coal mining group, controlled by the
politically-connected Bakrie family, earlier this month.
Bumi Resources is Indonesia's largest thermal coal producer
and one of the three largest thermal coal exporters globally.
Its main assets are a 65 percent stake in PT Kaltim Prima Coal
and a 70 percent stake in PT Arutmin.
Bumi took a $1.9 billion loan from CIC in 2009, $600 million
of which was repaid in 2011.
(Reporting by Saeed Azhar and Prakash Chakravarti of IFR/LPC;
Editing by Matt Driskill)