Kestrel Coal Resources is a new private company owned by EMR Capital of Australia and PT Adaro Energy of Indonesia. EMR Capital own a 52% share and PT Adaro Energy own a 48% share. EMR and Adaro joined forces to acquire the Rio Tinto 80% share in the Kestrel Coal Mine. The mine is located mine located in the Bowen Basin at Crinum which is 51 km northeast of Emerald in Central Queensland, Australia.  The agreement to purchase the Rio Tinto 80% share in Kestrel Mine was signed in March 2018. The transaction was completed in early August, 2018. Kestrel Coal Mine is a joint venture between Kestrel Coal Resources (80%) and Mitsui Investments (20%).

Both EMR and Adaro are keen investors in Metallurgical Coal. EMR is a private equity investment company based in Melbourne, Australia and Hong Kong. It invests through its managed funds, in mining companies and projects around the world in the Copper, Gold, Potash and Metallurgical Coal sectors. The purchase of Kestrel the Kestrel Mine is the first metallurgical coal investment by the group.

PT Adaro Energy is a Coal mining development and production corporation based in Jakarta, Indonesia. PT Adaro Energy is listed on the Jakarta Stock Exchange. It is a significant producer of energy coal and produced more than 52 million tonnes in 2017. In aspires to grow its energy coal and metallurgical coal businesses in Indonesia and by selected international investments. Kestrel Mine is the first investment for Adaro Energy in the metallurgical coal sector outside Indonesia.