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Bayan Resources to focus on domestic market
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Publicly listed coal miner Bayan Resources' president director and CEO Chin Wai Fong, director of corporate affairs and corporate secretary Jenny Quantero and director and CFO Alastair McLeod speak after the company’s extraordinary shareholders meeting on Feb. 28. They explained to journalists about the latest updates of its operations in Indonesia. (JP/Winny Tang)
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ublicly listed coal miner Bayan Resources is optimistic in its ability to increase production and expand its operations in the domestic market this year, the company’s top executive said on Tuesday.
“We plan to boost the domestic market,” Bayan Resources president director Chin Wai Fong said after the company’s extraordinary shareholder’s meeting held at the Office 8 building in Jakarta.
This year, the company plans to focus on increasing its production capacity of its biggest mining site in Tabang, East Kalimantan, operated under its subsidiary PT Bara Tabang.
The firm, however, refused to mention this year’s production target.
After halting its operation in 2015, Bayan aims to resume the operation of the mining site with a smaller scale of production under its subsidiary Gunungbayan Pratamacoal in the second semester of this year.
Last year, the company was able to produce 12 million tons of coal, up from 11.3 million tons in 2015, Chin said.
During its extraordinary shareholders meeting held on Tuesday, the company approved the resignation of one of its commissioners, Ridha Djuanda Mulyawibawa, .
Mauro Montenero was appointed to replace his position as a new commissioner, Bayan’s director of corporate affairs and corporate secretary Jenny Quantero said.
As of the third quarter of 2016, Bayan posted US$376.7 million in revenue. The figure rose by 11.82 percent from the same period last year.
The firm’s cost of sales and revenue dropped to $245 million from $265 million. As a result, the company’s total gross profit increased to $131.36 million from $71.6 million. (bbn)
