Adaro eyes $291 million from unit IPO to spin off coal arm
Adaro is spinning off the coal mining unit valued at $2.45 billion to focus on developing cleaner energy, with an aluminum smelter being built in Kalimantan.
At least 20 miners were killed, and seven others injured, after unidentified gunmen attacked a coal mine in Pakistan’s southwestern province of Balochistan, according to police reports quoted by local media.
The attack took place in the mineral-rich Duki district of Balochistan, a region that borders both Afghanistan and Iran.
The attackers stormed the miners’ accommodations late Thursday night, rounded up the workers, and opened fire, police official Hamayun Khan Nasir said, according to The Express Tribune. They also fired rockets and grenades, damaging mining equipment before fleeing the scene.
The assault has sparked widespread condemnation, with authorities launching a manhunt for the perpetrators.
So far, no group has claimed responsibility for the attack, which is the deadliest in weeks.
The violence comes just days before a major security summit in Pakistan’s capital, Islamabad, and as the country hosts a Saudi delegation interested in mining investments.
It also coincides with the signing of $2 billion worth of agreements between Saudi and Pakistani businessmen for investments in various sectors, including mining.
Balochistan, rich in oil and minerals, has long been a hotbed of separatists. These groups accuse the federal government of exploiting the province’s resources without benefiting local communities.
Several of their attacks have been directed at migrant workers, many of whom are employed by smaller, privately run mines.
