PT Bayan Resources Tbk
2025 Guidance
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Executive Summary
- Total 2025 production is Budgeted to be in the range of 69 to 72 million MT with sales also anticipated to be in the range of 70 to 72 million MT.
- ASP is anticipated to be in the range of USD 58 to USD 60/MT based on the benchmark reference price (NEWCASTLE) being on average USD 125 and ICI4 being an average USD 55/MT for 2025.
- Revenue is forecast to be between USD 4.1 billion to USD 4.4 billion.
- Cash costs are anticipated to be in the range of USD 38 to USD 40/MT (include COGS, Royalties and SGA).
- EBITDA is forecast to be in the range of USD 1.4 billion to USD 1.6 billon.
- Capex is Budgeted to be in the range of USD 200 to USD 300 million.
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Overburden Removal Volume (OB)
Overburden Removal
(million BCM)
355 - 373
266
161
40 | 33 | 85 | 138 |
(in million BCM) | OB | |
2024D | 2025B | |
Gunungbayan Pratamacoal - Block I & II | 7 | 28 to 30 |
Perkasa Inakakerta | 11 | 17 to 19 |
Teguh Sinarabadi / Firman Ketaun Perkasa | 28 | 7 to 9 |
Tabang Concessions (include North Pakar) | 189 | 285 to 295 |
Wahana Baratama Mining | 30 | 18 to 20 |
Total | 265 | 355 to 373 |
2019 2020 2021 2022 2023 2024D 2025B
Quarterly Overburden Removal
(million BCM)
90 - 95 90 - 95
85 - 90
80 - 85
- FY25 Overburden Removal volumes are Budgeted to increase significantly, principally due to the continued expansion of Tabang combined with the increase in SR at Tabang.
1Q25B | 2Q25B | 3Q25B | 4Q25B |
D : Draft figures which are unaudited figures | 2 |
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Coal Production
Coal Production
(million MT)
69 - 72
57
50
38 39
32 30
(in million MT) | Coal Production | |
2024D | 2025B | |
Gunungbayan Pratamacoal - Block I & II | 0.3 | 1.0 to 1.5 |
Perkasa Inakakerta | 1.5 | 2.0 to 2.3 |
Teguh Sinarabadi / Firman Ketaun Perkasa | 2.4 | 1.0 to 1.2 |
Tabang Concessions (include North Pakar) | 50.6 | 60.0 to 65.0 |
Wahana Baratama Mining | 2.6 | 1.5 to 2.0 |
Total | 57.4 | 69.0 to 72.0 |
2019 2020 2021 2022 2023 2024D 2025B
Quarterly Coal Production
(million MT) | 18 - 20 | 18 - 20 |
16 - 18
14 - 16
- FY25 Coal Production volumes are anticipated to increase by between 20% to 25% principally due to the continued expansion of Tabang.
1Q25B 2Q25B 3Q25B 4Q25B
D : Draft figures which are unaudited figures | 3 |
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Weighted Average Strip Ratio (SR)
Weighted Average Strip Ratio
5.1 | 5.0 - 5.5 | ||
4.4 | 4.6 | ||
4.0 | |||
3.9 | 3.9 |
Weighted Average SR (:1)
Gunungbayan Pratamacoal - Block I & II
Perkasa Inakakerta
Teguh Sinarabadi / Firman Ketaun Perkasa
Tabang Concessions (include North Pakar)
Wahana Baratama Mining
WEIGHTED AVERAGE SR
Weighted Average SR | |
2024D | 2025B |
- 19.0 to 21.0
- 7.7 to 8.0
- 7.3 to 7.6
- 4.4 to 4.6
12.0 9.0 to 11.0
4.6 5.0 to 5.5
2019 | 2020 | 2021 | 2022 | 2023 | 2024D | 2025B |
Quarterly Weighted Average SR
5.0 - 5.5 | 5.0 - 5.5 | 5.0 - 5.5 |
4.5 - 5.0
- FY25 Weighted Average Stripping Ratio is Budgeted to be higher than 2024 as Tabang increases its stripping ratio closer to the average Life Of Mine SR.
1Q25B | 2Q25B | 3Q25B | 4Q25B |
D : Draft figures which are unaudited figures | 4 |
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Cash Costs
Average Cash Costs per MT(*)
(USD / MT)
Sing Gas Oil Price(*)
(USD / liter)
1.0
35
42 40 38 38 - 40
0.8 0.8
0.7
29 28
2019 | 2020 | 2021 | 2022 | 2023 | 2024D | 2025B |
* Average cash costs include barging, royalty, and SGA
0.50.6
0.4
2019 2020 2021 2022 2023 2024D 2025B
- Published by Engie Singapore, including PBBKB and VAT
- Converted from barrels to liter.
- FY24 Average Cash Costs are anticipated to be in the region of USD 38 to USD 40/MT which is in line with 2024.
D : Draft figures which are unaudited figures | 5 |
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Cash Costs
Cash Cost per Expense - 2024D
(USD / MT)
Other Costs
9%
Employee Cost 8%
Overburden and
Royalty | Mining |
13% | |
42% | |
Coal Purchase | |
4% | |
Transportation | |
24% |
D : Draft figures which are unaudited figures
Cash Cost per Expense - 2025B
(USD / MT)
Other Costs
9%
Employee Cost
8%
Royalty | Overburden and |
13% | Mining |
42% |
Coal Purchase 4%
Transportation 24%
6
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Coal Sales
Coal Sales Volume
(million MT) | 70 - 72 |
56
47
36 40 40
29
2019 | 2020 | 2021 | 2022 | 2023 | 2024D | 2025B |
Quarterly Coal Sales
(million MT)
17 - 19 18 - 20
16 - 18 16 - 18
1Q25B | 2Q25B | 3Q25B | 4Q25B |
D : Draft figures which are unaudited figures
Geographic Distribution - 2024
Others, 10% | ||
Vietnam, 5% | Philippines, | |
27% | ||
Malaysia, 6% |
India,
8%
China, 20% | Indonesia, |
23% |
- FY25 Budgeted Sales Volumes are anticipated to increase by between 25% to 30% to be in the range of 70 to 72 million MT.
7
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Average Selling Price (ASP)
Average Selling Price(*1) | Quarterly Average Selling Price(*1) | ||||
(USD / MT) | (USD / MT) | ||||
118 | |||||
58 - 60 | 58 - 60 | 58 - 60 | 58 - 60 | ||
71 | 76 | ||||
48 | 60 | 58 - 60 | |||
39 |
2019 | 2020 | 2021 | 2022 | 2023 | 2024D | 2025D | 1Q25B | 2Q25B | 3Q25B | 4Q25B |
- We have forecast the benchmark reference price (NEWCASTLE) being an average of USD 125/MT and ICI4 being an average USD 55/MT in 2025.
D : Draft figures which are unaudited figures | |
* (1) ASP includes coal and non-coal sales | 8 |
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Committed and Contracted Sales (2025)
60.4 million MT
89%
11%
2025
Fixed Price Floating Price
- As at middle December 2024 committed and contracted sales were 60.4 million MT for 2025 with an average CV of 4,145 GAR kcal/kg.
- This represent approximately 80% of our 2025 planned sales volumes.
- Of this volume we have 11% which are on a Fixed Price with an average CV of 4,116 GAR kcal/kg at USD 52.1/MT.
- Additional sales will be made as progressive production targets and barging targets are met throughout the year.
8
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