Bayan reports surge in coal production
Tuesday, June 20 2017 - 03:49 AM WIB
Petromindo|Khalsa
IDX-listed coal mining company PT Bayan Resources Tbk reported coal production in the first quarter of this year surged by over 233 percent to 4 million tons compared to 1.2 million tons in the corresponding period of last year.
The company said in a filing with the Indonesia Stock Exchange last week that that sales volume in the January-March quarter of this year also jumped to 3.7 million tons from 2.1 million in the same quarter of last year.
Bayan said it has set coal production and sales volume guidelines for this year at 16-18 million tons, and expects its coal price to average around U$38-42 per ton, compared to average cash cost $28-32 per ton. The company expects revenue this year around $600 million-$800 million.
The Bayan Group is engaged in open cut mining of various coal quality from mines located primarily in East and South Kalimantan. Being an integrated coal producer in Indonesia the Bayan Group through its various mines, produces coal ranging from semi-soft coking coal to environmentally-friendly low sulphur, sub-bituminous coal.
Editing by Reiner Simanjuntak