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Rajawali Corp

Rajawali Corp
Based in Indonesia
Active in Sulawesi, Indonesia
Targeted base metals, construction minerals, gold

A huge, privately-owned, Indonesian conglomerate, PT Rajawali Corporation has its hands in hotels, cement, consumer goods, department stores, and transportation businesses in its home country.

The firm's most important mining-related investment is the 52% controlling stake it holds in gold company, Archipelago Resources, listed on London's Alternative Investment Market (AIM), while other shareholders include Columbia Wanger, Baker Steel Capital Managers, BlackRock Inc and JP Morgan Asset Management [Reuters 27 June 2012].

In late 2013, Archipelago accepted a £338 million takover bid by Rajawali which said it planned to de-list the company from AIM and "possibly list [it] in Indonesia" [MJ 4 October 2013].

For further details on Archipelago Gold, see Baker Steel Capital Managers.

Rajawali also added to its mining-related holdings in September 2012, when it bought US$250 million of shares in Australian-listed Indo Mines Ltd, giving Rajawali the right to appoint two non-executive directors to Indo's board, and going towards the company's Jogjakarta pg-iron project and iron-concetrate facility [MJ 28 September 2012].