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Japan's Idemitsu buys $13 mln stake in Indonesia coal miner
November 8, 2012 / 7:07 AM / 5 years ago

Japan's Idemitsu buys $13 mln stake in Indonesia coal miner

TOKYO, Nov 8 (Reuters) - Japan’s Idemitsu Kosan Co said it acquired a 3 percent stake in Indonesian coal producer Baramulti Sukses Sarana for a little over 1 billion yen ($13 million) on Thursday, as it aims to sell cheaper low-calorie sub-bituminous coal in Asian markets.

The Indonesian firm currently produces about 3 million tonnes of coal per year from its Antang Gunung Meratus Mine but output is expected to rise to 7 million tonnes by the end of 2014, Idemitsu said.

The deal will enable Idemitsu to sell coal from the mine to Vietnam and China as well as to Japan, a company official said.

The move comes as the number of coal-fired power plants that use sub-bituminous coal as feedstock are expected to jump particularly in Vietnam, China and India. ($1 = 79.8700 Japanese yen) (Reporting by Osamu Tsukimori; Editing by Chris Gallagher)

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