Indonesia's Coal Kings make a killing
Published by MAC on 2011-06-28Source: Jakarta Globe
Indonesia is the world's second largest exporter of thermal coal. Thanks to rising prices for the "deadly material", industry bosses have risen to the top of a Rich list, published by the Jakarta Globe.
Leading this billionaire club is Aburizal Bakrie, father of the eponymous Bakrie Group which owns Bumi Resources, Indonesia's most important coal exploiter.See: Dark Materials: the consequences of clinging to coal
A plan to list Bumi Resources on the London Stock Exchange under the aegis of Nathaniel Rothschild's Vallar plc was announced last year, then postponed for several mnths.
As we went to press (27 June 2011) Vallar that it was about to bring Bumi to the UK market.
Indonesia's Coal Kings
Jakarta Globe
31 May 2011
Indonesia, known well for it's huge deposits of natural resources is the fourth largest coal producer on the planet after China, the United states and India.
The eight men singled out here have conquered a fortune thanks are therefore this years Coal Kings of the Globe Asia rich list.
All except one of the following names are in the top 30 positions on this years list, and six of the eight are part of the country's exclusive billionaire club. While many of them hold interests in other sectors, it is coal mining that has propelled them to the top of our list of tycoons.
Aburizal Bakrie (64)
Bakrie Group
Coal Mining, plantations, infrastructure, property
$3.8 billion
Bumi Resources is the country's largest and most aggressive player in the coal mining sector. The group of companies has reserves of almost three billion tons. In 2010 Bumi Resources estimated its coal production to be at 61 million tons annually. This year the group intends reach a production level of 111 millions tons.
Dato Low Tuck Kwong (62)
Bayan Resources
Coal mining
$3.7 billion
Bayan Resources, made its first move into the mining industry in 1988 but it has been in the last decade that the company has been aggressively expanding on its network. Today, the group owns and operates seven mines in East Kalimantan and one in South Kalimantan and owns rights to almost 500 million tons of coal deposits.
Samin Tan (49)
Borneo Lumbung Energy and Metals
Mining, Investments
$1.8 billion
Borneo Lumbung Energy and Metals began the development of its first mining project in 2008. By the end of 2010 its production capacity had reached almost 3.6 million tons. By the end of 2011 the group anticipates it will be mining five million tons of hard coking coal. Samin Tan is President Director of the company.
Theodore P Rachmat (67)
Triputra Group, Adaro
Coal Mining, plantations, investments
$1.7 billion
PT Adaro Energy Terbuka, established in 1991, operates in three areas of the Tanjung district of South Kalimantan which contain an estimated 2.8 billion tons of coal reserves. Theodore P. Rachmat owns 13% of the company through the Triputra Group.
Kiki Barki (72)
Tanito Harum Group
Coal mining
$1.6 billion
PT Tanito Harum Energy was established in 1995 and churned out a massive 7.3 million tons of coal last year from its operations in East Kalimantan. The group owns a combined area of around 47,000 hectares and exports to Japan, South Korea, Taiwan, China and India.
Edwin Suryadjaja (62)
Adaro energy, Saratoga Capital
Coal Mining, investments
$1.25 billion
Edwin Suryadijaja is a share holder in PT Adaro Indonesia. Adaro's first exploration contract was signed in 1982 and in 1991 the company began production with concessions in South Kalimantan. Today Adaro is the second largest thermal coal miner in the country with businesses operating at all segments of the supply chain.
Teddy Tohir, 76
and Garibaldi Tohir, 45
Adaro Energy, Trinugraha
Coal mining, investment
$1.1 billion
Teddy and Garibaldi Tohir are direct shareholders in PT Adaro Energy alongside Edwin Suryadijaja. Garibaldi first his first coal mine business in 1992. In 2005 he acquired Adaro which owns the rights to explore more than 2.8 billion tons of coal reserves and owns the largest single-mine operation in the country.
Agus Lasmono (40)
Indika Energy
Coal Mining, investments
$980 million
Indika is the country's third largest coal producer. Indika operates subsidiaries at three different stages in the energy production process and has reserves of approximately 579 million tonnes at its disposal.
Wiwoho Basuki Tjokronegoro (71)
Indika Energy
Coal mining, supplies
$680 million
Wiwoho Basuki Tjokronegoro is President Commissioner at Indika Energy. The group was incorporated in 2000 and in the past decade has built a network to which is feeds coal to both domestically and internationally. Indika employs more the 2,500 people.