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Business deals

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

Expansion of coking coal operations to offset government cap impact

A coal truck passes others inside coal giant Rio Tinto's Hunter Valley operations in Lemington, north of Sydney, Australia.   © Reuters

JAKARTA -- Major Indonesian coal miner Adaro Energy has signed a binding agreement to acquire Rio Tinto's entire stake in the Kestrel coking coal mine in Australia for $2.25 billion.

In a move that will allow the company to further diversify its portfolio away from power plant coals, Adaro will form a consortium with private equity manager EMR Capital to buy Rio Tinto's 80% stake in the pit.

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