7:57 AEST Sun 12 Oct 2003
RioTinto, BP exit Indonesia
Rio Tinto Ltd and British oil giant BP have pulled out of Indonesia, selling their Kaltim Prima Coal joint venture for an estimated $US500 million ($A726.53 million).
Rio Tinto said the sale of Kaltim Prima to Jakarta-listed PT Bumi Resources was completed late on Friday.
The two energy majors will split the cash price which includes assumed debt.
Kaltim Prima is one of the biggest steaming coal exporters in the world, exporting 18 million tonnes to the Asia Pacific, European and the United States market in 2002.
The mine contributed $US26 million ($A37.78 million) to Rio Tinto's 2002 profit, down on its 2001 contribution of $US42 million ($A61.03 million).
PT Bumi's interests include oil, gas, mining, hotels and general trading.
The transaction was announced on 21 July 2003 after a legal dispute with local government threatened to resurface.
The local government had expected a share of the coal mine company in accordance with the divestment provisions in the original contract.
The sale to an Indonesian company is expected to change this.
�AAP 2003
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