JAKARTA - PT Bara Karsa Lestari (BKL), an indirect subsidiary of PT Bayan Resources Tbk (BYAN), ended its Mining Business License over 7,000 hectares (Ha) of land in Long Bangun, West Kutai, East Kalimantan.

In the information disclosure quoted Wednesday (18/10), Jenny Quantero, Director of BYAN, mentioned that the report of open-cut coal resources and reserves of BKL showed zero resources as of April 1, 2022. “The location of Mining Business License Area is in the woods. BKL decided not to continue mining business activities in the area, and therefore, not extended its license,” she explained.

The BKL’s decision of not extending its mining license in Long Bangun, West Kutai was made official after receiving a response from Directorate-General of Mineral and Coals of the Ministry of Energy and Mineral Resources. “As of October 12, 2023, through the letter signed by Acting Director-General of Minerals and Coals, it was confirmed that Mining Business License of BKL had been expired and is no longer listed under the database of Directorate-General of Mineral and Coals,” Quantero explained.

In the first half of 2023, the company booked revenue of USD 2.03 billion, shifting from USD 2 billion seen in the same period in 2022. However, its gross profit and net profit reached USD 1.06 billion and USD 762.44 million, declining from USD 1.38 billion and USD 1 billion, respectively.

This year, BYAN is projecting its production and sales volume to reach 42 to 48 million metric tons (MT), with an average selling price of USD 80 to 90 per MT and soil stripping ratio of 4-4.5 to 1. (LK/ZH)