THREE operating coal mines of Mainboard-listed Geo Energy Resources Geo Energy Res: RE4 -1.35% 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 percent of their annual output locally.
Shares of Geo Energy closed flat at S$0.33 on Thursday.