Business Services Industry
RIO TINTO, BP TO SELL JOINTLY OWNED INDONESIAN CO FOR US$500 MLN.
AsiaPulse News, July, 2003
PERTH, July 22 Asia Pulse - Anglo Australian miner Rio Tinto Ltd (ASX:RIO) and global oil group BP have are set to offload their jointly owned Indonesian coal mining company Pt Kaltim Prima Coal for $US500 million ($A775.31 million).
The pair will each sell their 50 per cent interests in Kaltim Prima Coal (KPC) to Indonesian firm Pt Bumi Resources Tbk (JSE:BUMI) after receiving an offer from the Jakarta-listed, Indonesian-controlled resources company.
The sale follows prolonged legal wrangling with Indonesian central and provincial governments over a coal contract of work struck with Jakarta in 1982, requiring KPC to divest up to 51 per cent of its stake to local investors by the 10th year of commercial production.
Last year, BP and Rio Tinto...
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