“We are projecting coal production at 18 million mt to 20 million mt this year,” said Bayan director Jenny Quantero. The average selling price stood at $95/mt in 2011 and the firm has projected a similar price for this year. Most of Bayan’s coal sales were under contract. She said the increase in production would be supported by Bayan’s existing mining areas in South and East Kalimantan. Bayan President Director Eddie Chin Wai Fong said the company was still in the process of completing the acquisition of three of the nine concessions. “We hope the three concessions can start contributing to the company in 2012,” Fong said. The company estimates it has mineable coal reserves reaching 980 million mt.