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Indonesian coal companies go on buying spree for Western mines

Coal being moved from a barge at Indonesia's Tanjug Priok port. Indonesian mining companies have been buying up Western coal assets driven by lower emissions rules and cheap financing   © Reuters

JAKARTA - Indonesian coal companies are snapping up high-grade assets in Australia and North America, as better access to financing and less climate pressure at home give them an advantage over Western rivals.

Golden Energy and Resources, controlled by Indonesia's Sinar Mas Group, last month completed its $1.65 billion acquisition of a majority stake in Illawarra Coal Holdings from Australian miner South32. This adds to the company's assets of metallurgical coal, also known as coking coal, after it bought another Australian miner, Stanmore SMC, from BHP and Japanese trading house Mitsui in 2022.