Bayan Resources Tbk (BYAN), the biggest coal mining company in Indonesia, spends IDR 306.16 billion on the improvement of hauling road for coal logistics for one of its subsidiaries, PT Fajar Sakti Prima (FSP).
The distribution route improvement includes road paving for hauling road for coals spanning 93.4 kilometres (km), as well as side dump loops in Kutai Kartanegara, East Kalimantan.
In regard to this project, FSB has signed a construction service contract with PT Kalimantan Citra Bara (KCB) as the project leader. For the record, KCB is affiliated with FSB due to shared management.
Said project is split into two segments, consisting of segment 1 with contract value of IDR 102.64 billion, and segment 2 with contract value worth IDR 203.52 billion.
It is worth mentioning that FSP is BYAN’s subsidiary engaged in the mining industry, recording concession area of 3,775 hectares (Ha). As of now, FSB is focusing on building the supporting facilities for mining activities in order to promote production increase.
“It will be more efficient for FSB to assign KCB to lead the road-paving project for hauling road of 93.4 km and side dump loops,” added the management of BYAN in the official statement.
According to IDNFinancials data, BYAN reported cash and cash equivalent worth USD 309.12 million as of June 30, 2024, with total assets of USD 2.96 billion. Lastly, its total equity was recorded at USD 2.07 billion. (KR/ZH)