JAKARTA. Ministry of Energy and Mineral Resources (ESDM) stated that more than 10 coal mining companies will get sanctions because they did not meet the Domestic Market Obligation (DMO) policy during 2018.
This affects the price of the shares of the three largest listed coal mining companies in Indonesia. According to the observation of IDNFinancials, coal mining companies such as PT Bayan Resources Tbk (BYAN), PT Indo Tambangraya Megah Tbk (ITMG), PT Harum Energy Tbk (HRUM) are under pressure ahead of the DMO policy sanctions.
BYAN's share price, as the company with the largest market capitalization, showed a downward rally of 11.94% over the past 5 trading days. On 2 January, the share price of BYAN was at the level of Rp. 19,875, while today it reached its lowest level of Rp. 17,500.
The share price of ITMG experienced a significant decline of 1.89% since yesterday's trading (9/1), from the price of Rp. 22,450 to Rp. 22,025. Meanwhile, the price of HRUM's shares has dropped by 1.15% since yesterday's trading (9/1) from Rp 1,735 to Rp 1,715.
Bambang Gatot Ariyono, Director General of Mineral and Coal at the Ministry of Energy and Mineral Resources, said the names of the companies would not be published. The reason, said Ariyono, is that this will affect the domestic coal trading market. "Their production will be affected if the names are mentioned," Ariyono said in Jakarta on Wednesday (9/1) (KR/AR)