BHP Billiton: Finalizes JV For Indonesian Coal Project

Global diversified miner BHP Billiton Ltd (BHP) Thursday confirmed the creation of a new joint venture with a subsidiary of PT Adaro Energy (ADRO.JK) for a coal project in Indonesia.

The Anglo-Australian miner confirmed it received approval from the Indonesian government to set up the IndoMet Coal project. Adaro owns a 25% stake in the joint venture and BHP owns the remaining 75%. The project covers seven contract areas in East and Central Kalimantan provinces, where undeveloped metallurgical and thermal coal resources are estimated at 774 million metric tons.

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."

He said the joint venture is currently focused on identifying ways to develop the seven contract areas.

Company Website: http://www.bhpbilliton.com/

-By Alex MacDonald, Dow Jones Newswires; [phone]; [e-mail]