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.
NASCAR celebrity driver, Dale Earnhardt Jr., is appearing in ads supporting the coal industry.
“Most people think of me as a race car driver, but I’m a business owner, too,” says Earnhardt Jr. in the spot that will soon be running nationally.
“And in my company the cars run on gas but the business runs on electricity. That’s why I’ve been learning about how coal keeps electricity prices down.”
The spots are paid for by the American Coalition for Clean Coal Electricity, which is seeking to lessen federal regulation and raise the profile of the coal industry.
Coal has been hurting due to historically low natural gas prices.
Image by Doug James / Shutterstock.com
