Indonesia coal export ban lifted for 3 Geo Energy mines

THREE operating coal mines of mainboard-listed Geo Energy Resources RE4 are included in the Indonesian Ministry of Energy and Mineral Resources' list of 139 coal mining companies that will see Indonesia's coal export ban lifted.

In a statement on Friday (Jan 21) morning, the coal prouder said its Sungai Danau Jaya, Tanah Bumbu Resources and Bumi Enggang Khatulistiwa mines were among the list of companies allowed to resume coal export sales after achieving their 2021 domestic market obligations (DMO).

This comes after the ministry's Jan 20 announcement that the month-long ban on coal exports would be lifted for these companies upon concluding that they had met the local market sales requirements.

According to the letter seen by S&P Global Platts, the DMO requires mines to supply 25 per cent of their annual output locally.

Shares of Geo Energy closed flat at S$0.33 on Thursday.

READ MORE:

• Geo Energy Resources hits snag as Indonesia bans coal exports for January
• Indonesia's coal export ban will trigger more volatility in international market: CreditSights
• Geo Energy Resources sees record quarterly results on historically high coal prices
• Indonesia's ban on coal exports likely to have 'serious repercussions' on market: observers