BCBC Singapore Pte Ltd and anor v PT Bayan Resources TBK and anor [2017] SGHC(I) 06, page-12

KRL appears heavily undervalued and White has a frozen order in place on Bayans KRL shares.


12 September 2017 ASX release Updated Coal Resources and Coal Reserves for Pakar North and South Thermal Coal Projects, Indonesia Highlights  Pakar North Coal Reserves increased by 52% from 155Mt to 236Mt. Importantly, the average Calorific Value (“CV”) for Pakar North has increased from 3,785 Kcal/kg GAR to 3,885 Kcal/kg GAR.  Coal Resources (which includes Coal Reserves) estimated at 1,090Mt (191Mt Measured, 533Mt Indicated and 366Mt Inferred). Previously estimated Coal Resources at 31 December 2010 were 3,019Mt (111Mt Measured, 1,092Mt Indicated and 1,816Mt Inferred) with the primary reasons for the current reduction being: o application of rigorous pit optimisation limits to Coal Resource estimates to satisfy JORC Code 2012 requirement to demonstrate reasonable prospects for eventual economic extraction; o relinquishment of approximately 5,118 hectares of Pakar South concessions (refer announcement dated 21 December 2016); and o the exclusion of 2,229 hectares of concessions in North and Pakar South that overlap with a third-party coal concession as a result of an ongoing legal dispute (refer announcement dated 22 August 2017).  Coal Reserves estimated at 399Mt (127Mt Proved and 272Mt Probable). Previously estimated Coal Reserves at 31 December 2010 were 442Mt (16Mt Proved and 426Mt Probable). The small reduction in overall Coal Reserves is primarily due to: o a reduction in the long-term Newcastle coal price for Coal Reserve estimation purposes from Free on Board US$95 per tonne to USD$70 per tonne; and o relinquishment and exclusion of licence areas as detailed in the preceding highlight point.  The significant improvement in the Coal Reserves proved to probable ratio (32%:68% versus 4%:96%) is primarily due to the radius of influence of drilling on the adjacent PT. Bayan Resources Tbk (“Bayan”) concessions.  Updated Coal Resources and Coal Reserves estimates have been independently prepared by mining consultant, PT. RungePincockMinarco (“RPM”)