BHP Billiton has today confirmed the formation of the new joint venture for its Indonesian Coal Project (ICP) with a subsidiary of PT Adaro Energy TBK (Adaro) following the completion of Government approvals. Adaro has acquired a 25 per cent interest in the ICP joint venture, with BHP Billiton holding the remaining 75 per cent.
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."
"We are progressing study work to identify development options across the seven Coal Contracts of Work (CCOWs). In future, the project will be known as the IndoMet Coal project."