BYAN’s subsidiary, Gunungbayan Pratamacoal (GBP) announced force majeure on its coal sales agreement with TNB Fuel Services Sdn. Bhd. and BYAN – which indirectly impact BYAN’s coal sales agreement with Enel Trade SpA.
The force majeure was due to heavy rain level in April, which resulted in the flooding in parts of GBP’s hauling road and Manau jetty facilities. The coal mining operations has been halted since April 19, 2010.
BYAN 2010 coal production target stands at 13.5 mn tons (+42% YoY). GBP’s annual production capacity is 4 mn tons.
Sales comment: Flooding during the dry season? Interesting. The question now is this flooding impacting other coal mines/contractors in Kalimantan? Pama and Buma are major coal contractors in Kalimantan.
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