Bayan Resources Loses US$260 Mln Due to Coal Export Ban

By Editorial Team 17/01/2022
Coal Mining
Summary

PT Bayan Resources Tbk (BYAN) and its subsidiaries have declared a force majeure notice to their coal customers on January 13, 2022. Bayan could not deliver the promised amounts of coal by January 31, 2022, due to the Indonesian government's coal export ban. As a result, they suffered an estimated US$260 million in lost revenue in January 2022. Among affected Bayan Resources' subsidiaries were PT Bara Tabang, PT Fajar Sakti Prima, PT Firman Ketaun Perkasa, PT Peguh Sinarabadi, and PT Wahana Baratama Mining.

"The company must negotiate with customers to reschedule coal deliveries," Bayan Resources wrote in a letter to the Chief Executive of the Capital Market Supervisory Financial Services Authority dated January 17, 2022. The letter was signed by the President Director of BYAN Dato' Dr. Low Tuck Kwong and BYAN Director Jenny Quantero.

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