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Wednesday, 10 February 10
BHP TAKES MARUWAI SALE OFF THE TABLE, MINISTRY SAYS


Australian mining giant BHP Billiton may cancel a plan to sell a stake in its coal mining project in Maruwai, East Kalimantan, an official at the Energy Ministry said on Tuesday.

Bambang Gatot Ariyono, the ministry’s director of coal and minerals, said BHP had informed the ministry that it had decided against seeking a partner to develop the project. “They came to us a few weeks ago and said they will keep a 100 percent stake in Maruwai,” he said.

Bambang speculated that the decision to retain full interest was based on signs that the global economy was recovering, which would increase demand for coal and raise prices. BHP is the world’s largest exporter of coking coal, which is used to make steel.

However, BHP spokesman Illtud Harri said on Tuesday that his company had not made a decision and was still reviewing the Maruwai project.

“We are continuing to review our commercial options in relation to the Maruwai coal project, including potential sale of part of our interests. We have sought further information on these sale options, through an expression-of-interest process involving a number of parties. That process is continuing,” he said.

BHP has sent mixed signals about the Maruwai project in the past year. In June 2009, it said it was reviewing the project with the intention of selling it, after suspending a plan to develop Maruwai’s Haju field, the first stage of the project, because it didn’t fit with its long-term corporate strategy.

“We are continuing to review our commercial options in relation to the Maruwai coal project, including potential sale of part of our interests”
 – Illtud Harri, BHPB

Then, in December, BHP said it was considering selling the entire project or a 25 percent stake after reports that three state-owned companies and one private company were interested in buying the project outright.

In a meeting with the House of Representatives in January, BHP representatives said it was sticking with its initial projection that production would begin in 2014.

Indra Diannajaya, president director of PT Lahai Coal, a local subsidiary of BHP that was working in Maruwai before the project was put under review, said the Haju field required an investment of $500 million to $1 billion. Indra said it could initially produce 200,000 tons of coal a year, rising to 6 million tons after six years.

The Energy Ministry said on Tuesday the domestic companies interested in Maruwai were PT Bumi Resources, PT Medco Energi Internasional, PT Adaro Energy, PT Aneka Tam bang and PT Indika Energy.
Source: The Jakarta Globe



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