Financial Highlights

In 2017, the Company achieved revenue of US$1,067.4 million versus a Budget of $717.5 million, exceeding Budget by 48.8%. This significant increase in revenue was a culmination of the stronger coal market which resulted in higher coal selling prices being achieved (Average Selling Price (ASP) of US$52.1 per tonne being achieve versus a Budget of US$40.2 per metric tonne) and higher than Budgeted coal sales with 20.1 million tonnes of coal being sold against a Budget of 17.5 million tonnes. Combined with the very favourable revenue increase, 37 2017 Annual Report PT Bayan Resources Tbk the Company has managed to lower its cash costs to US$29.0 per metric tonne, lower than Budget of US$30.3 per metric tonne. The net result of the above has been very healthy margins beating our Budget across the board and achieving profitability margins rivaling and in most cases exceeding the larger, more established Indonesian miners.