Bayan puts several projects on hold

By Cepi Setiadi

IDX-listed coal mining company PT Bayan Resources said that it has postponed a number of long term projects amid coal market downturn.

Director of Corporate Affairs and Corporate Secretary Jenny Quantero told Petromindo.com recently that the decline in coal price which has yet to see an end was the factor behind the company?s decision to postpone the projects. Jenny refused to specify the projects.

Jenny, however, said the company holds on its commitment to produce up to about 14 million tons this year. "We shall not revise our target. We have a commitment to produce based on our target for this year," he said adding that the company is still exporting its coal to several customers in Italia, Taiwan, China, Malaysia, etc.

Editing by Johannes Simbolon