PRESS RELEASE: Kaltim Prima Coal divestment process progresses
Thursday, June 27 2002 - 09:02 AM WIB
PT Kaltim Prima Coal (KPC) and its owners, Rio Tinto and BP, said today that they had made good progress in their discussions with the Government of Indonesia regarding the 2001 offer of KPC shares under the Coal Agreement. This week a number of major principles were agreed and formal documentation is being prepared to record final agreement.
The extended deadline to offer shares in KPC under the 2001 process is 30 June 2002 but KPC?s share offer cannot proceed while the attachment order granted by the District Court of South Jakarta over the KPC shares continues in force.
Commenting on the progress to date, Noke Kiroyan, President Director of KPC, said, ?Both sides (KPC and the Government of Indonesia) are aiming for an outcome which provides the basis of continuing success for the company, our employees, customers, local communities and the people of East Kalimantan.? (*)
For further information, please contact:
Lex Graefe ? Rio Tinto, Phone:(021) 527 4208; Fax: (021) 527 4270 -OR- John O?Reilly ? BP, Phone: (021) 7854 8417; Fax: (021) 7854 9069