BHP to sell 80% stake in Arutmin<\/p>\n
Dow Jones, Melbourne<\/p>\n
BHP Billiton (BHP), an Australian-based global resources
\ncompany, said Tuesday it will sell its 80 percent stake in
\nIndonesian coal operation PT Arutmin Indonesia to PT Bumi
\nResources for US$148 million.<\/p>\n
Arutmin operates two thermal coal mines in South Kalimantan
\nthat together produce 11 million metric tons a year.<\/p>\n
After the sale BHP Billiton will continue to provide marketing
\nservices to the mines. BHP Billiton has an agreement to market 75
\npercent of Arutmin's production.<\/p>\n
In a statement, BHP Billiton said it was required by the
\nIndonesia government to sell down its interest in Arutmin to
\nallow majority Indonesian ownership.<\/p>\n
BHP Billiton's president of energy coal, Mike Oppenheimer,
\nsaid the sale was done on a \"sound commercial basis,\" while the
\nmarketing agreement \"provides a strong platform for repositioning
\nand further developing our investments in Indonesia.\"<\/p>\n
BHP Billiton's continuing interests in Indonesia comprise
\nmanagement of PT BHP Kendilo Coal Indonesia, a thermal coal mine
\nin East Kalimantan. It also has a range of advanced exploration
\ndevelopments.<\/p>\n
The other 20 percent of Arutmin is held by PT Bakri and
\nBrothers.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/bhp-to-sell-80-stake-in-arutmin-1447893297",
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"sponsor": "Okusi Associates",
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