ASIA RESOURCE MINERALS PLC 
By 
LONDON (Reuters) - Coal miner Bumi Plc (>> Bumi PLC) said disagreements which have for months held up a planned split from its Indonesian co-founders have now be solved, paving the way for a long-awaited shareholder vote on the separation.
Bumi brought forward a third-quarter update to Monday to allow its latest production numbers to be included in a circular to shareholders this week.
The London-listed, Indonesia-focused firm said it was on track to hit its 2013 target after output rose 10 percent in the third quarter. Thermal coal prices, though, dampened by oversupply, remained "challenging".
"It is just (a question of) signing off on the various pieces of documentation," Chief Executive Nick von Schirnding said in a telephone interview of the separation plans.
"We have resolved all the key issues between the various parties, so it is really about putting the final touches to the outstanding legal agreements that need to be put in place."
Since its creation in 2010, Bumi - whose other co-founder is financier Nat Rothschild - has struggled with feuding shareholders, allegations of mismanagement, whistleblower investigations and lacklustre thermal coal prices.
Its current board is trying to revive the company as a miner focused on its majority-owned subsidiary, Berau (>> PT Berau Coal Energy Tbk).
Bumi's board supports a split with the Bakries and the Indonesian family itself is keen to draw a line under its troubled London adventure.
But the various sides have been unable to agree on details for months: from Bumi Plc's new relationship agreement with outgoing chairman Samin Tan - who will take on the Bakrie stake and become the single largest shareholder - to a potential break fee in the event the whole deal collapses, and the escrow arrangements for the cash portion of the deal.
There have also been lingering doubts over the Bakrie family's finances, and its ability to pay the cash portion of the deal.
Von Schirnding said key issues had now been resolved and brushed aside concerns over a fresh delay. If investor documents are sent out this month, shareholders would be able to vote on the split in early December - more than a year after the separation was first proposed.
Bumi said on Monday it produced 6 million tonnes of coal in the third quarter at its core Berau subsidiary, taking nine-month production to 17.5 million tonnes and closing in on a target of 23 million tonnes for the year.
It said production costs came down 6 percent over the 9 months, as the company has cut fuel consumption and exploration.
Spending plans for next year are currently under review. In 2013, capital expenditure will be around $50 million, down from an original forecast of $70 million, as it spent less on roads, bridges and support infrastructure.
Von Schirnding said that at current thermal coal prices "a number" of Bumi pits were "challenged". The company could decide to cut back capacity when it approves the 2014 budget, he said.
"We remain buyers (of the stock) with increased optimism that a separation transaction can be enacted before the end of the year, potentially bringing with it lower interest rates and a special dividend," said analysts at Liberum.
"However, buying Berau still requires a constructive view on coal prices - we estimate its operations are cash break even ... at around $87 per tonne coal vs. today's coal price around $81 per tonne."
Shares in Bumi were down 1.4 percent at 191.75 pence.
(Reporting by Clara Ferreira-Marques; Editing by Mark Potter)
