Apr 25, 2011

Adaro pulls out from railway project

One of Indonesian's largest thermal coal miner PT Adar Energy Tbk (ADRO) has dropped its plan from a tender of railway project in Central Kalimantan because of the project uncertainty.
So far, the railway project is uncertain. "We decided to exit," said Adaro Director Andre J. Mamuaya as quoted by Kontan daily today.
Previously, Adaro Energy had proposed its plan to participate the US$2.2 billion railway project with public private partnership scheme. The company is also waiting the certainty of power plant project in South Kalimantan

Disclosure: No position at the stock mentioned above.

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