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White Energy seeks US$153M from Bayan Resources in coal JV dispute

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White Energy seeks US$153M from Bayan Resources in coal JV dispute

Australia-based White Energy Co. Ltd. is seeking about US$153 million from Indonesia's PT Bayan Resources Tbk. in a dispute over the KSC coal joint venture in Indonesia.

In July 2017, the Singapore International Commercial Court sided with White Energy units BCBC Singapore Pte. Ltd. and Binderless Coal Briquetting Co. Pty. Ltd. in the case, after ruling that Bayan Resources had violated its coal supply obligation and further repudiated the joint venture by wrongfully issuing a termination notice.

Bayan Resources filed an appeal in August 2017, but it was dismissed.

White Energy said Jan. 13 that its claim for damages comprises about US$99 million in wasted expenditure related to Bayan Resources' breach and about US$54 million in projected revenue losses from the cancellation of a plan to boost the venture's capacity to at least 3 million tonnes per annum, plus interest and costs.

White Energy said the court will determine the final amount of damages payable to BCBC Singapore in proceedings set for Sept. 21-30.