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.
Glencore subsidiary Prodeco will hand back its Colombian coal mining concessions after the country’s national mining agency (ANM) accepted an initially rejected request.
The Anglo-Swiss company this year said that the operations at the Calenturitas and La Jagua mines, which were put in care and maintenace in March 2020, would be handed back to Colombia because a restart of its operations would not be viable.
The initial request was rejected by the ANM because of outstanding obligations, including environmental management.
On Monday Glencore said Prodeco will comply fully with all its environmental and social obligations and that the mines will remain on care and maintenance until the formal process is complete.
(By Clara Denina; Editing by David Goodman)
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