Deals
BHP Sells Out of Joint Coal Operation With Indonesia’s Adaro
- World’s biggest mining company held 75% of the IndoMet venture
- BHP has divested assets to focus on its largest operations
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PT Adaro Energy, operator of Indonesia’s largest coal mine, agreed to buy out BHP Billiton Ltd. from their joint venture in the country after production began last year.
The Haju mine, on Borneo island, has annual capacity of 1 million metric tons of mainly coking coal, BHP said in a statement on Tuesday. The world’s biggest mining company held a 75 percent stake in the IndoMet Coal venture, and an Adaro unit the rest, the Melbourne-based producer said. Adaro agreed to pay $120 million for the stake, the buyer said in a separate statement.