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Adaro buys majority stake in MIP

PT Adaro Energy, Indonesia's second-largest coal miner, said that its wholly-owned subsidiary PT Alam Tri Abadi had signed an agreement to a buy a 75% stake in PT Mustika Indah Permai (MIP) from Elite Rich Investment.
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The majority stake in MIP, a coal mining company developing a greenfield coal project in South Sumatra, cost US$222.5M.

MIP holds a mining permit, which was granted in April 2010 for a period of 20 years, covering an area of about 2,000 ha.

"Our investment in MIP is part of our drive to create sustainable value from Indonesian coal and achieve our vision to become a leading Indonesian mining and energy group," said Garibaldi Thohir, Adaro Energy's president director.

MIP is one of a number of opportunities that, together with organic growth, will help Adaro Energy achieve 80 mt of production in the medium term, Adaro said.

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