| 03/20/2009 - Press Release |
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PT Bayan Resources Tbk (Bayan) announced today that its subsidiary, PT Teguh Sinarabadi (TSA), which operates a coal mine in East Kalimantan has recently received notice of a directive from the Ministry of Energy and Mineral Resources, Republic of Indonesia (MEMR) requiring TSA to temporarily stop its activities in one of its mining blocks within TSA’s concession pending the approval of a revised feasibility study in relation to the relevant block, which is currently being finalized.
TSA has accordingly complied with the directive and have, in the meanwhile, moved its operations to other blocks within the same concession that have previously received government approval. Bayan does not anticipate any material interruptions to its subsidiary’s operations or its coal production targets as a result of this directive from MEMR. About Bayan Group Bayan Group was the eighth largest coal producing group in Indonesia in terms of production volume in 2007, with integrated coal mining, processing and logistics operations. The company is engaged in thermal coal mining. Bayan Group is one of the mining companies that produces from high to low calory coal. About TSA TSA mining operations and holds a third generation Coal Contracts of Works (CCOW) to mine in Melak, East Kalimantan with a current concession area of 5,838 hectares. For more information, please contact: Jenny Quantero PT Bayan Resources Tbk Graha Irama Building Lt.12 Jl. HR Rasuna Said Blok X-1 Kav 1&2 Jakarta Selatan -12950 Email : This e-mail address is being protected from spam bots, you need JavaScript enabled to view it Telp : 526 9868 and Fax: 526 9866 Website : www.bayan.com.sg |