Billiton forms RI venture

Billiton forms RI venture

LONDON (Dow Jones): Billiton PLC said Wednesday that it has
signed a joint venture agreement with Winnin Pty. Ltd and PT
Taraco Mining to explore for coal in Indonesia.

Winnin is a wholly owned subsidiary of Nissho Iwai Corp. of
Japan. Taraco is an Indonesian registered company holding a coal
contract of work awarded by the Indonesian government.

The CCOW permits exploration of coal in an area of East
Kalimantan, located immediately adjacent to the existing Kaltim
Prima Coal operation.

Billiton and Winnin will acquire 51 percent and 9 percent
respectively of Taraco for US$1.2 million required under the
terms of the CCOW. Billiton and Winnin will additionally provide
funding for the exploration process, Taraco refunding their share
of expenditure if mining takes place.