JAKARTA. PT Bayan Resources Tbk (BYAN), a coal mining company owned by Dato’ Low Tuck Kwong, sets the target for coal production to hit over 57 million tons this year.

This target is 18.7% higher than the realisation of coal production of BYAN in 2023, which was recorded at 48 million tons.

The management of BYAN said that this target is in line with the increase of coal production volume compared to previous years. This growth is further supported by the expansion of mining area owned by the company.

“The coal production volume in 2024 will potentially rise 15% to 20% due to expansion of North Pakar mining area in Tabang,” said the management of BYAN in the official disclosure.

With this target on board, BYAN will be the third largest coal manufacturer in Indonesia. The first spot is taken by PT Bumi Resources Tbk (BUMI), which produces approximately 80 million tons. Meanwhile, in the second spot, sat PT Adaro Energy Indonesia Tbk (ADRO) that generates approximately 64 million tons.

For the record, the coal price, according to Newcastle Index, within the past year, has dropped 96% to USD 127.20 per ton. However, in the past 5 years, it has actually shifted 32%. (KR/ZH)