Coal Magnate Lim Chai Hock Named Among Forbes' Richest Indonesians in December 2024

December 26, 2024 | 08:14 pm

TEMPO.CO, Jakarta - Lim Chai Hock, one of the key figures behind PT Bayan Resources, is included in Forbes' list of the richest people in Indonesia in December 2024, with a wealth of around US$1.5 billion, or equivalent to Rp 24 trillion.

The 65-year-old is originally from Malaysia and currently resides in Balikpapan, Indonesia. Lim Chai Hock is the current Chief Operating Officer and director of Bayan Resources, one of Indonesia's largest coal companies founded by billionaire Low Tuck Kwong. He is also one of the founders of the Bayan Group and a board member of several of the group's subsidiaries.

Lim specializes in land surveying. Prior to joining Bayan Group, he worked as a field manager at PT Jaya Sumpiles Indonesia, a coal mining infrastructure company owned by Low Tuck Kwong.

Bayan Group

Bayan Group is known as one of the innovators in the Indonesian coal mining industry. Under the leadership of Low Tuck Kwong and directors such as Lim Chai Hock, the group has transformed into an integrated coal mining company with a global reputation. 

Lim himself owns 1.08 billion shares of Bayan Resources, or about 3.26 percent of the total shares, the main source of his wealth.

According to its official website, Bayan Group has expanded its mining operations through the Tabang/Pakar Project, which produced approximately 22.7 million tons of coal in 2018, up from 1.9 million tons in 2014. 

The project is planned to reach production of more than 60 million tons per annum by 2026. To support this expansion, the company is also building a 101-kilometer coal hauling road connecting the Tabang project to the Muara Pahu barge loading facility. 

The Bayan Group has some of the leading coal infrastructure in Indonesia, including the Balikpapan Coal Terminal and Floating Transfer Barges (KFT). Advanced technologies such as Fleet Management System and geotechnical slope stability radar have been implemented to improve operational efficiency and safety.

The company is also a pioneer in through-seam blasting at the Wahana mine and uses the largest coal haulage truck in Indonesia with a capacity of up to 250 tons.

Besides Lim Chai Hock, two other directors of Bayan Resources, Jenny Quantero and Low Yi Ngo, are also among the richest people in Indonesia.

Bayan Resources' success has made its directors important figures in the national coal industry. Bayan Resources' market capitalization currently stands at Rp665.83 trillion, with BYAN's share price on the Indonesia Stock Exchange closing at Rp19,975 per share.

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