Indonesian coal miner PT Bayan Resources (IDX: BYAN) said on Thursday that it has lifted a force majeure declaration on coal supply deals after the government granted additional production quotas to the company for this year.
Bayan and three of its units declared force majeure on their coal supply obligations last week because proposed revisions to their mining quotas had not yet been issued.
The companies’ production quota revisions were obtained on September 23, Bayan said in a stock exchange filing.
Bayan said it expects the units to resume operations soon.
Indonesia granted an additional quota of around 15 million to 20 million metric tons for Bayan’s three units, a mining ministry official said earlier this week.
In the first half of this year, Bayan produced 32.9 million tons of coal, versus 27.7 million tons in the same period of last year.
Bayan announced last week that its biggest shareholders, Low Tuck Kwong and Elaine Low, had signed a conditional agreement to sell 10 billion shares to PT Jhonlin Baratama, a company controlled by tycoon Haji Isam.
(Reporting by Fransiska Nangoy, Bernadette Christina; Editing by David Stanway)
