Dec 12, 2011

Bayan unable to supply coal to Enel, Vitol

Coal miner PT Bayan Resources Tbk (BYAN), that is controlled by Dato' Low Tuck Kwong, via its subsidiaries PT Gunungbayan Pratamacoal and PT Fajar Sakti Prima, have declared a force majeur on coal sales contracts to two buyers Enel Trade S.p.A and Vitol Asia Pte Ltd on December 7 2011.
Bayan President Director Chin Wai Fong and Director Jenny Quantero, in an official dislcosure information filed to Indonesia Stock Exchange (IDX) on Friday last week, said Gunungbayan and Fajar Sakti are unable to transport coal via Mahakam river as a result of the collapse of Mahakam II Bridge, Kutai Kertanegara, East Kalimantan, on November 26.
Ministry of Transportation has instructed all boat operators not to pass the area for uncertain period of time. As a result, Gunungbayan and Fajar Sakti are now unable to transport its coal via the river to Balikpapan Coal Terminal.
Disclosure: No position at the stock mentioned above.
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