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Indonesian coal baron gets bumper payday from offloaded Rio mine

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Indonesia’s wealthy Salim family has scooped a near $US180 million ($273 million) dividend from a coal mine it bought from Rio Tinto for $320 million, even as the operation’s annual profit nearly halved as coal prices came off record highs.

The payout comes eight years after Mach Energy – owned by the family’s Salim Group conglomerate, better known for making instant noodles – snapped up the Mount Pleasant mine in the coal-rich Hunter region in NSW.

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Elouise Fowler is a journalist for The Australian Financial Review based in the Melbourne office. Connect with Elouise on Twitter. Email Elouise at elouise.fowler@afr.com.au

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    Original URL: https://www.afr.com/companies/mining/indonesian-coal-baron-gets-bumper-payday-from-offloaded-rio-mine-20240605-p5jjei