Adaro signs MoU on mining contract renegotiation

IDX-listed coal giant PT Adaro Energy Tbk signed on Thursday an MoU on the conclusion of its mining contract renegotiation with the government, Bisnis Indonesia reported Friday.

?Adaro has just signed the MoU on contract renegotiation,? said the Ministry of Energy and Mineral Resources? Coal Chief Bambang Tjahjono Setiabudi.

Bambang said that the signing of the MoU should pave the way for the company and the government to soon conclude the amendment of Adaro?s coal contract of work (or PKP2B).

Under the MoU, Adaro has agreed to the main points of contract amendment proposed by the government including reduction of the company?s concession area from 34,940 hectares to around 15,000 ha, Bambang said. (*)