Indonesian coal miner PT Bayan Resources, founded by Singapore-born billionaire Low Tuck Kwong, and three of its subsidiaries have declared force majeure on their coal supply obligations.
The development comes as revisions to their mining quotas have not been issued, Bayan Resources said in a stock exchange filing on Monday.
It said requests made to the Indonesian government by its units PT Tiwa Abadi, PT Tanur Jaya and PT Fajar Sakti Prima to revise their mining quotas for 2026 have not yet been granted.
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A coal mine of PT Bayan Resources. Photo from the company’s website |
The quota revision needs to be approved to enable them to continue production, and “this condition affected the ability of the company and subsidiaries to fulfill its obligations to customers,” Bayan said in the filing.
An entity controlled by Indonesian tycoon Andi Syamsuddin Arsyad, who is also known as Haji Isam, has offered about US$3 billion in cash for a 62% stake in Bayan Resources, Bloomberg News reported last week.