BHP Billiton: Finalizes JV For Indonesian Coal Project
27 Mai 2010 - 2:57PM
Dow Jones News
Global diversified miner BHP Billiton Ltd (BHP) Thursday
confirmed the creation of a new joint venture with a subsidiary of
PT Adaro Energy (ADRO.JK) for a coal project in Indonesia.
The Anglo-Australian miner confirmed it received approval from
the Indonesian government to set up the IndoMet Coal project. Adaro
owns a 25% stake in the joint venture and BHP owns the remaining
75%. The project covers seven contract areas in East and Central
Kalimantan provinces, where undeveloped metallurgical and thermal
coal resources are estimated at 774 million metric tons.
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."
He said the joint venture is currently focused on identifying
ways to develop the seven contract areas.
Company Website: http://www.bhpbilliton.com/
-By Alex MacDonald, Dow Jones Newswires; +44 (0)20 7842 9328;
alex.macdonald@dowjones.com
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