BP announced today that it has completed the sale of its 50 per cent interest in the Indonesian coal mining company PT Kaltim Prima Coal (KPC) to PT Bumi Resources for $250 million in cash including assumed debt.
PT Bumi Resources, a publicly quoted Indonesian company, has also completed an identical deal with Rio Tinto for their 50 per cent interest in KPC, making PT Bumi Resources the sole owner of KPC.
KPC operates a coal mine located near Sangatta in East Kalimantan, Indonesia, which produces around 18 million tonnes of steaming coal per annum.
The completion of the KPC sale means that BP no longer has any coal interests. Other BP coal operations were sold between 1989 and 1990.