Adaro Energy and BHP Billiton Finalize Joint Venture Arrangements For The Indonesian Coal Project (Maruwai)

May 27, 2010, 11:46 am | Admin

PT Adaro Energy Tbk (IDX – ADRO) is pleased to announce the formation of the new joint venture for the Indonesian Coal Project (ICP) with BHP Billiton, following confirmation of outstanding Government approvals. Adaro has acquired a 25 per cent interest in the ICP joint venture for US$335 million, with BHP Billiton holding the remaining 75 per cent.

Adaro Energy President Director Garibaldi Boy Thohir, said “We are delighted to have received government approval and now formed the ICP joint venture and we look forward to working together with BHP Billiton, a global leader in the resources industry and the world’s largest coking coal producer, in developing this world class asset, which we expect will create significant shareholder value.”

BHP Billiton President Metallurgical Coal, Hubie van Dalsen, said “We are very pleased that the Indonesian Government has approved the formation of the joint venture with Adaro, a strong Indonesian partner who shares our values and our commitment to the protection of the region’s outstanding biodiversity”

“We are progressing study work to identify development options across the seven Coal Contracts of Work (CCOWs) which will now be known as the IndoMet Coal project.”

General Media:
For further information, please contact:
Devindra Ratzarwin
Corporate Secretary
Tel: (6221) 521 1265
Fax: (6221) 5794 4685
Email: corsec@ptadaro.com

Financial Media:
For further information, please contact:
Mr. Cameron Tough
Head of Investor Relations
Tel: (6221) 521 1265
Fax: (6221) 5794 4685
Email: cameron.tough@ptadaro.com

Last modified on January 30, 2017, 11:48 am | 1329