Two Subsidiaries of PT Bayan Resources Cease Mining Operations in East Kalimantan

Daftar Isi [Tampilkan]

- Two subsidiaries of PT Bayan Resources Tbk (BYAN), namely PT Mahakam Bara Energi (MBE) and PT Mahakam Energi Lestari (MEL), have ceased their mining operations in East Kalimantan, according to a disclosure submitted to the Indonesia Stock Exchange (BEI).

The decision to terminate their mining permits was made during the suspension period of their exploration activities. The suspension approval was granted by the Governor of East Kalimantan, with several extensions given, with the last being on July 22nd and 23rd, 2020.

BYAN management stated that, with the end of the suspension period, PT MBE and PT MEL had requested an extension of the suspension from the Governor of East Kalimantan. However, due to the transfer of authority for mineral and coal mining management from the Provincial Government to the Central Government, PT MBE and PT MEL are currently pursuing an extension of their suspension of exploration activities with the Ministry of Energy and Mineral Resources.

"The request for the extension of the suspension is related to the failure to obtain permits from other agencies necessary to conduct mining activities in forest areas," BYAN management explained in the disclosure on Wednesday (22/2/2023).

Furthermore, based on the report of coal resources and reserves under the Joint Ore Reserves Committee (JORC) standards, as of April 1st, 2022, the coal reserves held by both BYAN subsidiaries were nil, and the mining sites were located in forested areas.

Therefore, PT MBE and PT MEL have decided not to continue their mining activities and will not pursue legal action against the decision of the Governor of East Kalimantan.

"PT MBE and PT MEL no longer have mining permits located in Long Bangun District, Kutai Barat, East Kalimantan, each covering an area of 5,000 hectares," BYAN management added.

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