ADARO

2005 – Production stood at 26.7 mn ton

2014 – Production Output aimed at 80 mn ton

∆ 2010 – largest single coal producer in southern hemisphere by production volume & fourth largest
in the world on the same terms

Principal challenge : dependence on a single mine site. While efficiencies rise from focus on one
place, all eggs are in one basket

Expansion phase : Maruwai coal project with BHP Billiton, 80% of the production being higher-value
coking coal used to make steel.

Coking Coal : used to make steel

Envirocoal : used mostly for power production

PT Bukit Mutiara, PT Bumi Resources & Vallar Plc

PT Bukit Mutiara – the holding company of Berau Coal (BRAU.IJ)

Vallar will invest $3Bn in a cash & stock transfer in exchange for a 75% stake in Berau & 25% in Bumi
Resources. In a reverse takeover, Bakrie group, which controls Bumi Resources will become the
largest shareholders in Vallar, to be renamed Bumi Plc, while Recapital is to own a 25% stake in
Vallar plus receive a hefty cash payout.