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Home › Dodgy Deals ›
Dodgy Deal
Alamtri Resources Indonesia (formerly Adaro Energy Indonesia)Indonesia

Company – Active

This profile is actively maintained
Profile by:
BankTrack
Contact:

Camilla Perotti, Banks and Coal Campaigner

Last update: 2025-01-15 00:00:00
Tailings pond at Adaro's South Kalimantan coal mine. Photo: Mining Advocacy Network Indonesia - JATAM

Company – Active

This profile is actively maintained
Profile by:
BankTrack
Contact:

Camilla Perotti, Banks and Coal Campaigner

Last update: 2025-01-15 00:00:00
Why this profile?

Why this profile?

Alamtri Resources, formerly known as Adaro Energy, is Indonesia's second-largest coal mining company and one of the world's largest exporters of thermal coal, operating a number of massive coal mines around the country that contribute to massive annual greenhouse gas emissions and threaten the human rights and livelihoods of local communities. The company also attracts financing from scores of major multinational banks.

What must happen

Financiers of Alamtri and its subsidiaries should stop funding all Alamtri's activities until the company commits to:

  • Stop fossil fuel proliferation (especially immediately ceasing its plans to develop new thermal and metallurgical coal mines)

  • Plan a just transition out of the fossil industry and towards energy democracy

About
Sectors Coal Mining , Coal Electric Power Generation
Headquarters
Ownership
listed on Indonesia Stock Exchange

Adaro Energy's major share holders are Adaro Strategic Investment (43.91%) and Garibaldi Thohir (6.18%).

Subsidiaries
Adaro Mining – Indonesia
Adaro Power – Indonesia
Kestrel Coal Resources – Australia
PT Adaro Indonesia – Indonesia
Website http://www.alamtri.com/

Alamtri Resources, established in 2004, is the second-largest Indonesian coal mining company and one of the world’s largest exporters of thermal coal. It is an energy producer with businesses in coal, energy, utilities and supporting infrastructure. More than 70% of its revenue comes from its coal mining, coal exporting, and coal power production activities. Alamtri Resources Indonesia consists of eight business units: Adaro Mining, Adaro Services, Adaro Logistics, Adaro Power, Adaro Land, Adaro Water, Adaro Capital and Adaro Foundation. Adaro also operates in Australia, where it owns the Kestrel coal mine. The company annually produces over 56 million tonnes of coal, which is exported throughout Europe, Asia, and the Americas.

Alamtri Resources, through its subsidiary Adaro Power, has an installed coal power capacity of 940 MW, with an additional 2260 MW of installed coal power capacity operated by Adaro Power’s subsidiaries BPI, TPI, and MSW.

The company, formerly known as Adaro Energy Indonesia, changed its name to Alamtri Resources Indonesia at the end of 2024.

Impacts

Impact on human rights and communities

Displacement and loss of livelihood Wonorejo village is one of many areas impacted by the expanding concessions of Adaro's open-cut mining operations on the Indonesian island of Kalimantan (Borneo). With the help of police forces, Adaro began in 2010 to evict residents of land that fell within concessions that Adaro had bought to develop its mines in South Kalimantan. Nearly half of the island is under the control of mining companies.
With the village being converted into a net of coal settling basins for mine drainage, people lost both their homes and their livelihoods. Families had built a livelihood in the area for the past forty years, after a government-sponsored transmigration program had incentivised their relocation from over-populated Central Java. They were forced to leave the land that they had relied on for rubber tree cultivation, moving into unstable and poor working conditions elsewhere in Indonesia. This process was carried out with intimidation, little consultation and unfair compensation, according to people whose land was sold and homes and rubber plantations torn down. Former Wonorejo residents lamented being forcibly relocated to less fertile lands with young rubber trees, losing the potential future revenue from the mature rubber trees they had grown for decades in Wonorejo. While information is limited, these impacts are multiplied potentially across many more of Adaro's concessions. Since March 2022, the village has been deserted.


Impact on climate

Carbon dioxide (CO2) emissions Adaro's annual coal production of over 54 million tonnes makes the company responsible for the emissions of an estimated 108 million tonnes of CO2 annually. Adaro alone is responsible for 0.28% of CO2 global emissions since the adoption of the Paris Agreement (2016-2022). In total, Adaro has over 1.1bn tonnes of coal reserves, equivalent to over 2.18 gigatonnes of carbon dioxide equivalent (Gt CO2e) emissions, almost equivalent to India's entire carbon footprint. Recent financial reports confirm that the vast majority of its revenue comes from coal mining. This directly contradicts the imperatives of the Paris Agreement and efforts to limit global warming to 1.5ºC. It is noteworthy that, despite the numerous announcements of its intention of “ceasing dependence on coal” and moving to renewable energy, the company is counting on sustained global and regional coal demand, and its plans rely on the continued exploitation of these reserves. In 2023, Adaro’s thermal coal production and sales increased by 5% and 7% respectively from 2022. Massive companies like Adaro, exploiting Indonesia’s vast coal reserves, are responsible for keeping the whole country’s economy still dependent, if not even addicted, to fossil fuels and non-renewable energy, with the financial contribution of Indonesian private and state banks. Indonesia’s energy consumption has historically been heavily dominated by non-renewable sources, but coal consumption even saw a sharp increase in 2022 (from 87.82 million BOE in 2021 to 299.19 million BOE in 2022).

Coal mine methane emissions In July 2024, a report by think thank Ember found that Indonesian coal companies are largely overlooking the significance of methane emissions from their mining operations. Ember found that only four out of the ten major Indonesian coal companies have been reporting their coal mine methane (CMM) emissions, and Adaro is not one of them. While the company reported 0.85 million tonnes CO2e from fossil fuel combustion and purchased electricity for its mining operations, Ember estimated that Adaro’s mines in 2023 emitted 1.58 million tonnes CO2e of CCM. Considering the devastating impact of methane as a greenhouse gas in the short period, with a 30x greater warming effect than carbon dioxide, this lack of reporting and mitigation of CCM emissions has terrifying consequences on our climate.

Captive coal and greenwashing tactics Importantly, Adaro also plans to develop and supply so-called captive coal plants. These off-grid energy generators are used for specific industrial installations, such as nickel or aluminium smelters. For example, Adaro's proposed captive coal plant for a North Kalimantan aluminium smelter will be one of the largest coal power plants in Indonesia by capacity, around 2.2GW. This has relevance for Adaro's climate impact because the projects are touted as having renewable credentials (supplying metals to renewable energy industries or being powered by hydropower, for example, despite still involving a 2.2GW coal plant), which Indonesian and international campaigners criticise as deliberate greenwashing. In April 2024, a massive social media campaign, promoted by activist group KPOP for Planet and addressed at Hyundai, pushed the Korean automotive company to severe a deal with Adaro for the purchase of the aluminium produced at the North Kalimantan smelter. Since the smelter will rely on coal for at least the first five years of operations, Hyundai declared that this would have violated its carbon-neutrality principles. 
In September 2024, Adaro announced the intention to sell 99.99% of its shares in its thermal coal mining unit, valued at USD 2.45 billion. This would mostly concern its subsidiary PT Adaro Andalan Indonesia (AAI). However, the company has yet to announce any coal production limit or a timeline for a complete exit from the coal business. Indeed, Adaro aims to expand operations in its metallurgical coal mining business, and it is currently planning to open new met coal mines in three concessions, in addition to its two already active concessions. Adaro's decision to divest from AAI thus appears as a tactic for the company to become more palatable to a new larger investor base, as obtaining financing for coal, fortunately, becomes increasingly difficult and companies face the growing pressure of the global energy transition. Adaro struggled to find the funding for its USD 2 bln aluminium smelter in North Kalimantan, as major global banks are stepping away from coal financing and Indonesian miners only manage to secure financing from domestic institutions.


Impact on nature and environment

Massive flood in South Kalimantan In January 2021, South Kalimantan was affected by massive flooding that killed at least 21 people and displaced more than 110,000 people away from their homes. According to LAPAN (National Institute of Aeronautics and Space of Indonesia), up to 200,000 hectares of area in South Kalimantan was flooded. The effects of extreme rainfall were exacerbated by degraded land and deforestation in the water catchment area caused by mining operations. Trees are essential to retain water and prevent soil erosion that could result in heavy silting of rivers during rains.
Adaro operates the largest single-site coal mine in South Kalimantan and is one of the mining companies that has caused the degradation of the Barito River catchment. Nine areas were flooded around Adaro’s concession. The Indonesian National Police is currently considering opening an investigation into whether mining activities caused the massive flood.

Mining outside of concession areas Adaro has a total official concession area of 23,942 hectares in South Kalimantan. However, a September 2024 report by corporate watchdog Ekō found that, according to satellite imagery, Adaro has expanded its mining activities to a further 3,194.43 hectares outside the concession area. Although the license allows supporting activities outside concessions, coal mining is prohibited. In addition, another 2,084.47 hectares of Adaro’s mining activity was found to be not only outside the permit area but also located in a Permanent Production Forest Area. Permanent Production Forest Areas are designated for timber production and may not be converted to pursue other activities such as mining without a special license. 
Furthermore, it was found that one of Adaro’s coal wastewater settling ponds is located a mere 150 meters from the village of Mangkayahu, in clear violation of environmental regulations, which mandate a minimum distance of 500 metres between the edge of a mine hole and residential areas.

Deforestation Adaro’s mining activities in South Kalimantan have caused deforestation of 8,131.47 hectares. The island of Kalimantan is largely uninhabited and covered by a luscious tropical rainforest. Adaro’s mining activities are causing massive loss of biodiversity and irreparable damage to these pristine ecosystems.


Other impacts

Tax avoidance The 2019 Global Witness report, Taxing Times for Adaro, found that Adaro Energy’s use of subsidiaries in low-tax countries could have the effect of reducing the amount of tax paid in Indonesia. The report argues Adaro Energy’s use of its Singapore coal trading arm, Coaltrade Services International, may have allowed the company to pay USD 125 million less in tax between 2009 and 2017. The report argues a further USD 45 million could have been paid in Indonesian taxes if Adaro Energy didn’t operate subsidiaries in Malaysia and Mauritius. This follows earlier reports of Adaro selling coal at below-market price to avoid tax.

Financiers

Between 2016 and 2022, four commercial banks financed Adaro totalling USD 581.3 million via corporate lending and underwriting services. See below for more details on banks involved.

In April 2021, Adaro signed a five year loan agreement of USD 400 million with a consortium of 13 banks. See below for more details.

In Nov 2019 PT Adaro Indonesia (a subsidiary of Adaro Energy) issued a USD 750 million bond, which was underwritten by BNY Mellon, DBC, Citi, UBS, MUFG and OCBC. See below for more details.

Institution type
Finance type
Year
Projects

Adaro aluminium smelter captive coal power station

Indonesia
Project
Active
Coal Electric Power Generation | ...

Adaro aluminium smelter captive coal power station

Indonesia
There are no active project profiles for Alamtri Resources Indonesia (formerly Adaro Energy Indonesia) now.

IndoMet Coal Project

Indonesia
Project
On record
Coal Mining

IndoMet Coal Project

Indonesia

Batang Coal Power Project

Indonesia
Project
On record
Coal Electric Power Generation

Batang Coal Power Project

Indonesia
Governance
Norms & standards

Applicable norms and standards

1966 United Nations Resolution 2158 (XXI)
News
BankTrack
Partners
Blog
External
Blog
BankTrack news BankTrack blog Partner news Partner blog

Adaro’s rebrand: a fresh green look for the same dirty coal business

Why banks should still steer clear of the new PT Alamtri Resources Indonesia
2025-02-05 | Camilla Perotti – BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Adaro’s coal spin-off: growing a climate conscience or simple greenwashing?

Indonesia’s coal giant Adaro is desperately trying to show itself as a leader in energy transition, but investors should remain cautious of reputational and financial risks.
2024-11-28 | Apekshita Varshney - Eko, Camilla Perotti – BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Adaro forced to sell its thermal coal business unit facing difficulties in raising finance

2024-11-28 | Jakarta | BankTrack
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NGOs verlangen Stopp von Kohlekonzern-Finanzierung

BankTrack mentioned
2024-10-07 | Tagesspiegel
Blog
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Global protests call on major banks to stop financing coal miner Adaro

2024-09-30 | Jakarta | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Ahead Of The Drop In Bonds, Climate Activists Ask To Bank Stop Financing Coal Adaro Companies

BankTrack mentioned
2024-09-27 | VOI: Voice of Indonesia
BankTrack news BankTrack blog Partner news Partner blog

Kein Geschäft mit Kohle

Das indonesische Unternehmen Adaro expandiert in fossile Energie. Klima-Organisationen wollen Banken dazu bewegen, ihm kein Geld mehr zu leihen.
BankTrack mentioned
2024-09-26 | Frankfurter Rundschau
Blog
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Adaro is destroying Indonesian biodiversity “in coal blood”: Banks urged to stop funding

2024-09-24 | Jakarta | Eko
Blog
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Activists call on Japanese banks to stop funding coal miner Adaro

2024-09-13 | Tokyo, Japan | BankTrack, Eko, Kiko Network, Market Forces
BankTrack news BankTrack blog Partner news Partner blog

Pressure grows on banks to end business with Indonesian coal giant Adaro

BankTrack mentioned
2024-05-28 | Mongabay
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks financed fossil fuels by $6.9 trillion dollars since the Paris Agreement; $705 billion provided in 2023 alone; JPMorgan Chase, Mizuho, and Bank of America are worst 3 funders

Annual Banking on Climate Chaos report with an updated methodology offers comprehensive look at who’s bankrolling the climate crisis
2024-05-13 | BankTrack, urgewald, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Reclaim Finance, Sierra Club
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks have not quit coal, 8 years after the Paris Agreement

Banks in China dominate global coal financing; those in Indonesia are outliers in having increased finance for coal since 2016
2024-05-03 | Nijmegen | Will O'Sullivan – BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Asia’s top banks are still financing coal due to massive loopholes: report

Despite major Asian banks, namely in Singapore and Japan, announcing coal exclusions in recent years, growing captive coal power in Indonesia and lax restrictions on corporate finance to developers offer new coal financing “havens”, a study finds.
BankTrack mentioned
2024-01-23 | Eco-Business
Blog
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Coal Havens - Asia’s biggest banks still open for coal business after COP28

The largest banks in India and Indonesia – global hotspots of the coal industry's growth – have no coal exclusion policy
2024-01-23 | Will O'Sullivan – BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

The 2023 Global Coal Exit List: Failing the Phase-Out

40% of companies on the GCEL are developing new coal assets. 95% of the industry still lacks a phase-out commitment 
2023-10-19 | Berlin, Germany | urgewald
BankTrack news BankTrack blog Partner news Partner blog

Indonesian government starts building $2.6bn hydropower plant

The Mentarang Induk project will have more than 1.3GW of power generation capacity.
2023-03-02 | Power Technology
BankTrack news BankTrack blog Partner news Partner blog

Australia could lose $196b chance as China muscles in on green power

2023-02-27 | Australian Financial Review
BankTrack news BankTrack blog Partner news Partner blog

Global banks decline to finance Adaro’s smelter project

2023-02-15 | Indonesia Business Post
BankTrack news BankTrack blog Partner news Partner blog

Indonesia’s Adaro struggles to secure funding for $2bn aluminium project

Climate campaigners condemn plans for 2.2GW coal power plant to fuel new smelter
2023-02-07 | Financial Times
BankTrack news BankTrack blog Partner news Partner blog

Indonesia’s Adaro struggles to secure funding for $2bn aluminium project

Climate campaigners condemn plans for 2.2GW coal power plant to fuel new smelter
2023-02-07 | FT
Blog
BankTrack news BankTrack blog Partner news Partner blog

Standard Chartered Bank hit with protests on opposite sides of the world as fossil fuel vote approaches

It's the only UK bank facing a shareholder-proposed climate change resolution at its AGM this year
2022-04-19 | Jakarta, Kalimantan, London | Market Forces
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks injected USD 37.7 billion in mining companies at risk of causing forest destruction and human rights violations

2022-04-12 | Forests & Finance Coalition
Blog
BankTrack news BankTrack blog Partner news Partner blog

Net zero vs zero ambition - the choice at Standard Chartered AGM

No further update on last year's climate policy, as rival banks leave Standard Chartered isolated on climate
2022-03-29 | United Kingdom | Market Forces
BankTrack news BankTrack blog Partner news Partner blog

Indonesia’s huge China-backed ‘green’ industrial estate raises deforestation, environment fears

President Joko Widodo says the US$132 billion manufacturing hub being built in North Kalimantan represents a ‘leap in Indonesia’s economic transformation’
2022-01-08 | South China Morning Post
BankTrack news BankTrack blog Partner news Partner blog

Indonesia's Adaro plans $728 mln aluminium smelter in Borneo

2021-12-23 | Reuters
BankTrack news BankTrack blog Partner news Partner blog

Adaro's subsidiary seeks up to $58 million from IPO

2021-12-14 | The Jakarta Post
Blog
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Standard Chartered’s new climate policy aims for failure

Announced on the eve of the COP26 climate summit in Glasgow, Standard Chartered Bank’s new climate policy upholds the bank’s status as a climate laggard, according to environmental finance organisation Market Forces
2021-10-28 | Market Forces
Blog
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Standard Chartered shareholders challenge bank to live up to net zero promise on fossil fuels

2021-10-07 | Market Forces
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NGOs call on Bank of China to confirm 10GW coal pipeline will be cancelled

2021-09-22 | Bank of Coal coalition
Blog
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Ahead of shareholder vote, activists stage global actions urging Japanese megabank MUFG to end climate-destructive financing

2021-06-23 | Tokyo | BankTrack, 350.org Japan, Asian Peoples’ Movement on Debt and Development (APMDD), Oil Change International, Rainforest Action Network
BankTrack news BankTrack blog Partner news Partner blog

Standard Chartered accused of hypocrisy over climate change

2021-05-10 | Financial Times
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Indonesian police may probe coal miners over deforestation-linked floods

2021-02-18 | Mongabay
BankTrack news BankTrack blog Partner news Partner blog

Environmentalists consider suing govt over South-Kalimantan flood

2021-01-31 | The Jakarta Post
BankTrack news BankTrack blog Partner news Partner blog

With new law, Indonesia gives miners more power and fewer obligations

2020-05-13 | Mongabay
BankTrack news BankTrack blog Partner news Partner blog

Is this what a ‘Golden Taxpayer’ looks like? Indonesian coal company and its investors feel the heat

2019-07-04 | Global Witness
BankTrack news BankTrack blog Partner news Partner blog

Asia's coal developers feeling left out by cold shoulder from banks

2019-06-25 | Reuters
BankTrack news BankTrack blog Partner news Partner blog

Indonesia’s PT Adaro: Financing for new coal projects is becoming an issue

2019-05-21 | IEEFA
BankTrack news BankTrack blog Partner news Partner blog

Film exposes Indonesia’s coal industry abuses

2019-04-21 | The Asia Times
BankTrack news BankTrack blog Partner news Partner blog

Indonesia's Adaro Energy to buy Rio Tinto coal mine for $2.25bn

2018-03-28 | Nikkei Asian Review
BankTrack news BankTrack blog Partner news Partner blog

Adaro Energy chief bullish on IPP projects

2016-06-29 | Nikkei Asian Review
BankTrack news BankTrack blog Partner news Partner blog

Indonesia's Adaro digs for $370m refinancing

2015-10-09 | Global Capital
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Adaro Secures $540m Loan for S. Kalimantan Power Project

2015-10-09 | Jakarta Globe
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Indonesia's Adaro looks to refi as Indorent picks four

2015-09-24 | Global Capital
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Swallowed by coal: UK profits from Indonesia's destructive mining industry

2013-10-30 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

J-Power, Partners Delay $4 Billion Indonesia Coal Power Plant

2013-10-04 | Bloomberg Businessweek
Blog
BankTrack news BankTrack blog Partner news Partner blog

UK banks financing coal boom destroying Borneo rainforests

2013-10-01 | London | World Development Movement
Resources
Documents
Images
Videos
Links
2024-11-18 00:00:00

Adaro 2023 Sustainability Report

Company document
2024-11-18 00:00:00 | Adaro Energy
2024-11-18 00:00:00

Adaro 2023 Annual Report

Annual report
2024-11-18 00:00:00 | Adaro Energy
2024-01-23 00:00:00

Coal Havens

The banks and loopholes keeping coal finance alive in Asia
BankTrack publication
2024-01-23 00:00:00 | BankTrack
2021-02-09 00:00:00

Stop Burning Our Money

National Bank's Support for the Dirty Coal Industry
Partner publication
2021-02-09 00:00:00 | 350 Indonesia
2023-04-18 00:00:00

Adaro Annual Report 2022

Annual report
2023-04-18 00:00:00 | Adaro Energy
2023-04-18 00:00:00

Adaro Sustainability Report 2022

Annual report
2023-04-18 00:00:00 | Adaro Energy
2018-03-05 00:00:00

Code of conduct

Bank policy
2018-03-05 00:00:00 | Adaro Energy
2021-04-12 00:00:00

CSR Report 2020

Annual report
2021-04-12 00:00:00 | Adaro Energy
2018-05-31 00:00:00

The Health Cost of Coal in Indonesia

NGO document
2018-05-31 00:00:00 | International Institute for Sustainable Development
2018-12-31 00:00:00

Adaro Group's Coal Resources and Reserves

Company document
2018-12-31 00:00:00 | Adaro
2019-07-11 00:00:00

Annual report 2018

Annual report
2019-07-11 00:00:00 | Adaro Energy
2019-07-04 00:00:00

Taxing Times for Adaro

NGO document
2019-07-04 00:00:00 | Global Witness
2017-12-07 00:00:00

The Big Shift - Banks must invest our money in a cleaner future

NGO document
2017-12-07 00:00:00 | Christian Aid
2016-03-24 00:00:00

Annual report 2015

Annual report
2016-03-24 00:00:00 | Adaro Energy
2015-04-01 00:00:00

Annual report 2014

Annual report
2015-04-01 00:00:00 | Adaro Energy
2014-06-15 00:00:00

Sustainability report 2013

Annual report
2014-06-15 00:00:00 | Adaro Energy
2014-04-10 00:00:00

Annual report 2013

Annual report
2014-04-10 00:00:00 | Adaro Energy
2013-09-30 00:00:00

Banking while Borneo burns

How the UK financial sector is bankrolling Indonesia's fossil fuel boom
NGO document
2013-09-30 00:00:00 | World Development Movement

Adaro South Kalimantan coal mine

2023-04-30
Adaro's South Kalimantan coal mine

Sexy killers - Documentary

2019-08-05 15:29:03

Adaro Energy's corporate social responsibility web page

The Carbon Brief - profile Indonesia

Adaro Energy campaign page - Market Forces

GEM Profile: Adaro Aluminium Smelter power station

Updates

2024

2024-11-18 00:00:00 | Extraordinary General Meeting approves the sale of coal unit

During an Extraordinary General Meeting, Adaro’s shareholders approved the company’s decision to sell all of its currently-owned shares in the subsidiary PT Adaro Andalan Indonesia, the group’s thermal coal business unit. Adaro stated, as the main reason behind this operation, the increasing difficulties to collect finance for its energy transition operations, tainted by its much larger thermal coal business. It remains, however, unclear if such shares will be sold to an actor completely independent from the Adaro Group or still at least partially under its control. The move also does not impact Adaro’s met coal business.

2024-10-05 00:00:00 | Adaro plans on selling coal business unit

Lamenting increasing struggles in securing funds for the whole holding, Adaro Energy declared its intention of selling its shares in its thermal coal business unit, PT Adaro Andalan Indonesia.

2024-09-30 00:00:00 | Global actions target Adaro and its financiers

Global actions target Adaro and its financiers. Activists in Tokyo, New York City, Frankfurt am Main, Zurich, and Jakarta demand that banks rule out any financing for Adaro and its subsidiaries. According to German media, following the actions, Deutsche Bank expressed its intention not to underwrite any Adaro bonds in the near future. During the action, a petition promoted by Ekō and signed by more than 58,000 individuals was also delivered to Deutsche Bank.

2024-09-15 00:00:00 | New report: Adaro mines outside of concession areas

A new report by corporate watchdog Ekō highlights how satellite imagery shows that Adaro might be mining coal outside its concession areas in South Kalimantan.

2024-05-15 00:00:00 | Adaro commits not to expand thermal coal

Due to mounting global pressure, Adaro’s management announced that the company would no longer explore or expand thermal coal. However, no concrete exit plan was proposed and Adaro’s planned expansion in metallurgical coal is still undergoing.

2024-04-02 00:00:00 | Hyundai breaks aluminium deal with Adaro

Hyundai severed its deal with Adaro for the purchase of the aluminium produced by Adaro’s controversial North Kalimantan aluminium smelter after a social media campaign that saw the participation of millions of K-Pop fans.

2022

2022-07-14 00:00:00 | Standard Chartered cuts ties with Adaro Energy

Major UK bank Standard Chartered committed to cut ties with Adaro “​​as it is 100% dependent on thermal coal at an entity level”.

2021

2021-12-14 00:00:00 | Adaro subsidiary seeks up to US$ 58 million from IPO

 PT Adaro Minerals Indonesia prospectus states it wants to raise up to 831.67 billion rupiah (US$ 57.83 million) through an IPO in December 2021 to cover the maintenance costs of its mining equipment. (The Jakarta Post)

2021-04-23 00:00:00 | Adaro signs USD 400 million loan agreement with consortium of 13 banks

On April 23, 2021, PT Adaro Indonesia, signed a Loan Facility Agreement in the amount of USD 400 million with several banks. The proceeds from this Loan Facility will be used to make early repayments of all Adaro Indonesia’s outstanding loans (Adaro press release).

2020

2020-10-20 00:00:00 | 2,000 MW coal power plant expected to be completed end of 2021

PT Adaro Energy expects the coal power plant (PLTU) in Batang, Central Java with a capacity of 2x1,000 mega watts (MW) to start operating by the end of 2021. Adaro's Managing Director Garibaldi Thohir admitted that there were a number of technical obstacles in the completion of the Batang PLTU project (CNBC Indonesia).

2016

2016-02-23 00:00:00 | Adaro Energy in talks with Shenhua to develop coal-to-gas project

PT Adaro Energy is in talks with its partner Shenhua Overseas Development and Investment Ltd of China, to develop coal-to-gas and coal-to-liquid projects in Indonesia. Further information read here.

2015

2015-11-12 00:00:00 | Adaro Energy to reach deal on two power plants

Major coal miner Adaro Energy is set to conclude deals for two power plant projects this year worth around USD 4.55 billion in total. Adaro Energy's legal director Syah Indra Aman said that his company would source syndicated loans to finance a 2x100 megawatt coal-fired power plant project in South Kalimantan (The Jakarta Post).

 

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