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.
Chinese customs data out on Friday show imports of coal amounted to 30.5 million tonnes in January, up 56.3% compared to 2012, already a record year.
Last year China imported 234.3 million tonnes of coal, which constituted a huge jump – 28.7% – over the year before.
China is also the number one producer of coal with domestic output pegged at 3.66 billion tonnes.
China now consumes almost as much coal as the rest of the world combined and coal consumption in the country shows no signs of slowing down.
The country’s Coal Importers Association, recently said China’s coal imports may reach 400 million – 500 million tonnes within three years.
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