PT Bumi Resources Minerals Tbk (BRMS) is continuing its efforts to enhance gold production. BRMS Director, Herwin W. Hidayat, is confident that this year's gold production will surpass that of the previous year. This optimism stems from BRMS's gold production in the first half of 2023, which has already exceeded last year's achievements.
During the initial six months of 2023, BRMS recorded a gold production of 236 kg, equivalent to 7,611 oz. This achievement soared by 200% compared to the same period last year, which saw a production of 82 kg, or 2,531 oz. It also surpassed the total gold production of 174 kg, or 5,415 oz, from the previous year.
This surge in production can be attributed to BRMS's subsidiary, PT Citra Palu Minerals (CPM), which recently completed the construction of its second gold plant in Palu with a capacity of processing 4,000 tons of ore per day in November 2022. CPM also operates a smaller gold plant with a capacity of 500 tons of ore per day in Palu.
Throughout the first semester of 2023, both gold plants operated at an average capacity of 1,000 tons of ore per day. However, since July 1, 2023, both plants have increased their operations to around 2,400 tons of ore per day.
"Conservatively, the year-end production target will be at least double that of the first semester's realization. In reality, the second gold plant has not reached full capacity yet, and we hope the increase will be greater than twice the current output," mentioned Herwin during a virtual public presentation on Thursday, August 24.
In the future, BRMS's gold production volume will continue to expand alongside the potential additional production from its third gold plant. Herwin elaborated that this third gold plant, with a production capacity of 4,000 tons of gold ore per day, is currently in progress and is expected to be completed in the third quarter of 2024. "We aim for production to commence in the fourth quarter of next year, which will provide us with additional output," he continued.
BRMS is also steadfastly focused on developing its mining assets, including the Gorontalo Minerals project, which encompasses copper and gold prospects. Plans to develop this gold prospect entail drilling activities and infrastructure construction.
This project holds a Contract of Work concession for mining across 24,995 hectares situated in the Bone Bolango regency, Gorontalo Province. Construction and production permits were granted by the Government in February 2019, with a three-year construction period and a 30-year production period extending until 2052.
Agoes Projosasmito, the President Director of BRMS, added that the company is currently prioritizing the development of its existing mining assets. Besides Gorontalo Minerals, the subsidiary of PT Bumi Resources Tbk (BUMI) holds other mining assets, including Suma Heksa Sinergi/Kerta Project (gold project), Linge Mineral Resources (gold project), and Dairi Prima Mineral (Zinc and Lead Project).
The management is committed to continuous development and exploration of existing assets. For instance, at the Kerta and Linge assets, BRMS is currently engaged in ongoing exploration to ensure a substantial and high-grade gold reserve. "Considering this, BRMS's corporate actions are substantial, as our assets have not yet been fully developed. We are dedicated to their development, whether through bond issuances, bank loans, or equity financing," Agoes stated during the same occasion.
However, this does not imply that BRMS is ignoring inorganic growth, including potential acquisitions. "We are also looking at the potential of gold, copper, and other minerals in Indonesia, as long as they align with BRMS's chemistry or add value," he continued.
In the first semester of 2023, BRMS reported revenue amounting to US$15.8 million, a remarkable 186% increase from the revenue during the same period the previous year, which was only US$5.53 million.
This revenue comprises sales revenue from the gold segment worth US$14.8 million, skyrocketing by 203% year-on-year (YoY). BRMS also recorded revenue from the mining advisory segment, totaling US$1 million.
The average selling price (ASP) of BRMS increased by 4% to US$1,928 per oz, up from the previous US$1,854 per oz.
Herwin is confident that the outlook for gold prices remains solid, as gold is perceived as a preferred investment option amidst the current volatility.
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