Global miner BHP Billiton Ltd
(ASX:BHP) has reportedly formed a joint venture with PT Adaro Energy TBK for its Indonesian Coal Project.
According to a report in The Sydney Morning Herald by the Australian Associated Press, Adaro will hold a 25% stake in the project with BHP holding the remaining 75%.
AAP reports BHP’s president of metallurgical coal, Hubie van Dalsen saying that Adro is a strong Indonesian partner who shares the company’s values and its commitment to the protection of the regions outstanding biodiversity.
The report says BHP is now looking at identifying development options across seven coal contracts.AAP says that the Inonesian Coal Project will now be known as the IndoMet Coal project.
In separate news, just yesterday reports surfaced that BHP has told steelmakers in Japan that it intends to increase the price for high quality coal to around $271 per ton for the July-September quarter.
BHP earned $7.24 billion in fiscal 2009.
