Indonesias Adaro coal output to rise 5 pct in 2008
PT Adaro Indonesia, the country’s number two coal miner, expects its coal production to increase by about 5 percent to 40 million tonnes this year, an Adaro shareholder said on Tuesday.
Sandiaga Uno, whose investment fund Saratoga Capital owns 32 percent of the coal mining firm, said that Adaro is “still on track” to raise between $400-500 million in its initial public offering , probably around September.
“We are concerned about the markets, but we will keep monitoring them. The preparation is still going on and hopefully we can finalise it soon,” Uno said.
The mining firm is one of several Indonesian companies planning IPOs this year.
Indonesian firms raised a total of 17.5 trillion rupiah from IPOs in 2007, nearly six times the amount in the previous year.
Indonesia is the world’s largest exporter of thermal coal and is expected to export 170 million tonnes of coal this year and 190 million tonnes in 2009, an industry group said on Tuesday.
