Dec 20, 2011

Bayan extends contract with Bukit Makmur

PT Bayan Resources Tbk (BYAN) announced that its subsidiary dubbed PT Gunungbayan Pratamacoal has amended and extended an existing contract of overburden removal with PT Bukit Makmur Mandiri Utama (BYMA) until December 31 2017.
In a press statement today, the amendment covers the removal of a total overburden volume of 260 million bcm from January 2012 until December 2017 with an approximate total value of US$640 million. The amendment also includes an option for an additional of 50 million bcm over this period.
BUMA is a wholly owned subsidiary of PT Delta Dunia Makmur Tbk (DOID). Bayan is a coal miner that is controlled by Indonesian mogul Dato' Low Tuck Kwong.
"We are pleased to continue our partnership with BUMA who are currently working at two of our key mining sites. This contracy extension allows us to jack up production at our Gunungbayan Block 2 project which is in line with the aggressive growth strategy of the Bayan Group," said President Director Eddie Chin at Bayan in a press statement today. 

Disclosure: No position at the stock mentioned above.
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