BHP Billiton said that it had sold its 75% stake in the Indomet project to its Indonesian partner Adaro.

IndoMet Coal comprises seven Coal Contracts of Work which are located in Central and Eastern Kalimantan, Indonesia.

The Haju mine, which is located within the Lahai Coal Contract of Work, has a production capacity of one million tonnes of coal per annum and has been in production since 2015.

IndoMet Coal Asset President James Palmer James Palmer said: “After a detailed review of IndoMet Coal, we concluded that although the project could support a larger scale development, BHP Billiton has a range of other growth options in the portfolio that are more attractive for future investment.”

Completion of the sale is conditional upon the fulfilment of customary regulatory approvals. During the approval period BHP Billiton and Adaro will together to facilitate a smooth transfer of ownership.

Turning to Grosvenor and Moranbah North, the Apollo private equity group is believed to be interested in the assets as are Glencore and BHP Billiton, who are all understood to have reached the final phase of preparations, according to a report in The Australian newspaper.