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Commodities

Indonesian miner to take over Australian coking coal assets for $380m

Sinar Mas arm also announces $200m investment in Ant-backed mobile wallet

A worker operates heavy equipment to unload coal from a barge into a truck at a port in North Jakarta, Indonesia, on Jan. 13.   © Reuters

JAKARTA -- Dian Swastatika Santosa, the mining unit of major Indonesian conglomerate Sinar Mas Group, has announced a combined $580 million in spending to complete its purchase of an Australian metallurgical coal miner and for an investment into a digital payment startup.

In a filing to the Indonesia Stock Exchange on Friday, Dian said that through its Australia-listed subsidiary Stanmore Resources it entered into an agreement with Japanese trading company Mitsui to acquire the latter's 20% stake in Stanmore SMC. Dian had previously purchased Australian mining group BHP's 80% stake in Stanmore SMC, previously named BHP Mitsui Coal, for at least $1.3 billion in a transaction completed in May.

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