U.S. firm joins Adaro

JAKARTA (JP): Mission Energy Company, a subsidiary of SECcorp of the United States, has acquired 10 percent of the shares of PT Adaro Indonesia, an Indonesia-Australian coal mining company in South Kalimantan.

"The acquisition of Adaro's stock was signed on Aug. 16," Mission Energy said in a statement here yesterday.

Adaro, which is owned by New Hope Corp. of Australia, PT Tirtamas, a company controlled by Hashim Djojohadikusumo, and Swabara Group, both of Indonesia, supplies coal to a power project in Paiton, East Java.

Adaro's current reserve areas are estimated to contain over one billion tons of coal with low levels of ash and sulfur.(04).