JAKARTA, NNC – PT Adaro Energy Tbk (IDX:ADRO) and EMR Capital Ltd completed the acquisition of 80 percent of Rio Tinto's ownership of Kestrel Coal Mine. The company together with EMR will jointly manage and operate the Kestrel mine.
After the transaction is final, the ownership of Kestrel includes Kestrel Coal Resources Pty Ltd (80 percent) and Mitsui Coal Australia (20 percent). Kestrel Coal Resources Pty Ltd is a joint venture company established by Adaro Energy (48 percent) and EMR (52 percent).
Adaro Energy's President Director and CEO, Garibaldi Thohir said, Adaro Energy is ready to operate Kestrel safely and efficiently and welcomes the opportunity to partner with Mitsui Coal Australia.
"The acquisition of Kestrel is an important part of our strategic expansion for the metallurgical coal portfolio that has begun with Adaro MetCoal," he said in a written statement in Jakarta on Wednesday (8/1/2017).
Kestrel is a quality metallurgical coal asset with a long-life resource base, solid infrastructure and highly skilled workforce. The mine is located 40 km north of the city of Emerald located in the Bowen Basin coal area in central Queensland state, Australia.
In 2017, Kestrel produced 4.25 Mt of high-quality metallurgical coal and had marketable reserves of 146 Mt and resources of 241 Mt.