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Commodities

Indonesian coal miner Adaro to build $728m aluminum smelter

Company also unveils battery plan as part of diversification push

Adaro Energy and other Indonesian coal miners are taking steps to diversify from the commodity.   © AP

JAKARTA -- Major Indonesian coal miner Adaro Energy on Thursday announced a plan to invest $728 million to build an aluminum smelter and a separate initiative to develop a "new energy battery factory" in the company's first major moves to diversify away from coal.

Rising climate pressures from investors and lenders are pushing coal miners in Indonesia -- the world's largest exporter of thermal coal -- to diversify away from the commodity as efforts increase internationally to cut carbon emissions and rein in rising global temperatures.

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