The governments policy to temporarily prohibit coal exports in January 2022 causes PT Bayan Resources Tbk (BYAN) to lose revenue worth USD 260 million, equal to IDR 3.72 trillion (using a currency exchange rate of IDR 14,326 per USD).
Dato Low Tuck Kwong, President Director of Bayan Resources, confirms that with the said export restriction policy, the company and its subsidiaries fail to fulfil coal transportation demands as stated in the respective contract. We lose revenue of USD 260 million and must renegotiate with the customers regarding the reschedule of the said failed shipment, he said in the information disclosure in the stock exchange yesterday (17/1).
Several subdiaries in question are PT Bara Tabang, PT Fajar Sakti Prima, PT Firman Ketaun Perkasa, PT Teguh Sinarabadi, and PT Wahana Baratama Mining.
The Ministry of Energy and Mineral Resources issued the export restriction policy on December 31, 2021, after receiving the report from PT PLN regarding the crisis of coal supply for coal-fired steam power plants (PLTU) PLN and IPP.