off-the-wire

Indonesia grants Bayan Resources 15-20 mln tons of additional coal mining quota, official says

Kitco Media
By Reuters
Published:
Updated:
Reuters
Indonesia grants Bayan Resources 15-20 mln tons of additional coal mining quota, official says teaser image

Indonesia has issued an additional mining quota of around 15 to 20 million metric tons to three units of coal miner Bayan Resources (IDX: BYAN), energy ministry official Tri Winarno said on Monday.

Tri said the additional coal mining quota has been granted to three subsidiaries of Bayan Resources, namely PT Tiwa Abadi, PT Tanur Jaya and PT Fajar Sakti Prima.

Bayan Resources declared force majeure last week on the coal supply obligations at the three units because they had not received approval from the Energy Ministry to increase production.

Bayan also said last week that its biggest shareholders, Low Tuck Kwong and Elaine Low, had signed a conditional agreement to sell 10 billion shares to PT Jhonlin Baratama, a company owned by tycoon Haji Isam.

Tri said the approval of the additional quotas has nothing to do with the share purchase agreement.

(Reporting by Bernadette Christina, Writing by Ananda Teresia; Editing by David Stanway)

 

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