Bumi Resources Minerals Discovers More Reserves at Proboya Palu Gold Mine
09 Nov 2023, 08:00 AM
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PT Bumi Resources Minerals Tbk (BRMS), through its subsidiary PT Citra Palu Minerals, has recently discovered additional mineral resources and reserves in Block 1 (Poboya) in Palu, Central Sulawesi.The added mineral resources come from the River Reef prospect, Hill Reef 1 prospect, and a new prospect in Watuputih located west of River Reef. This discovery increases the mineral resources at CPM by 50%, from the previous 28.4 million tons of ore to 42.7 million tons of ore, with an average gold grade of 2.6 g/t.The managed mineral reserves by CPM also see a 38% increase, from the previous 22.8 million tons of ore to 31.5 million tons of ore, with an average gold grade of 2.4 g/t.Agus Projosasmito, the President Director of Bumi Resources Minerals, stated that the additional mineral resources and reserves will extend the production life of the company's gold mine in Poboya, Palu."We also hope to increase our gold production in the second half of 2023 from our newly completed second gold processing facility. This increase in gold production will positively impact the company's financial performance in 2023," he said.Financial Performance in Q3 2023Additionally, the company reported positive financial performance until September 2023. PT Bumi Resources Minerals Tbk recorded growth in revenue and net profit at the end of the third quarter of 2023.The company reported a revenue of USD 32.74 million until September 2023, a 294% increase compared to the same period the previous year, which was USD 8.32 million. This revenue growth led to a 65% year-on-year increase in net profit, reaching USD 10.66 million until September 2023, compared to USD 6.47 million in the same period the previous year.The improved financial performance is supported by the production of 511 kg of gold in the first nine months of 2023. Revenue from gold sales surged by 340%, reaching USD 31.74 million until the end of September 2023, compared to USD 7.22 million in the same period the previous year.Operation of the PlantAgus Projosasmito, the President Director of Bumi Resources Minerals, mentioned that the improved production performance is due to the operation of the second gold plant, which continues to increase toward full capacity."We hope to continue increasing our gold production in line with the second plant, which is expected to reach full capacity in the fourth quarter of 2023," he said.BRMS's subsidiary, PT Citra Palu Minerals (CPM), completed the construction of its second gold plant in Palu in November 2022, with a capacity of 4,000 tons of ore per day. In addition, CPM operates a smaller gold plant with a capacity of 500 tons of ore per day in Palu. In the first nine months of 2023, both gold plants operated with an average processed tonnage of 1,500 tons of ore per day.Performance in H1 2023In the first half of 2023, PT Bumi Resources Minerals Tbk announced significant growth in both revenue and profit. The company reported revenue of USD 15.84 million or approximately IDR 239.01 billion.This revenue increased by 185.93% compared to the same period the previous year, which was USD 5.54 million. Alongside this, the cost of revenue for Bumi Resources Minerals rose to USD 6.93 million compared to June 2022's position of USD 3.12 million.As a result, the company earned a gross profit of USD 8.9 million, still an increase compared to the first half of 2022, which was USD 3.12 million. Operating expenses in this period also increased to USD 3.89 million from USD 2.31 million in the first half of 2022. However, the company's operating profit still grew by 523.13% to USD 5.02 million from USD 804,968 in the first half of 2022.During the first half of 2023, the company recorded other income of USD 217,572. Additionally, the company benefited from income tax of USD 402,765. With these details, the company achieved a net profit attributable to the owner of the parent entity of USD 5.56 million or approximately IDR 83.92 billion.This profit increased by 45.60% compared to the first half of 2022, which was USD 3.82 million. The company's assets as of June 30, 2022, increased to USD 1.1 billion compared to the end of the previous year's position of USD 1.08 billion. Liabilities also increased to USD 134.78 million from USD 125.17 million in December 2022.Gold ProductionAgus Projosasmito, the President Director of Bumi Resources Minerals Tbk, added that the company recorded gold production of 236 kg or 7,611 oz in the first half of this year."Our second plant in Palu is gradually increasing its production capacity. We hope that the plant can reach full capacity of up to 4,000 tons of ore per day in early September 2023," he said.Bumi Resources Minerals' subsidiary, PT Citra Palu Minerals (CPM), recently completed the construction of its second gold plant in Palu with a capacity of 4,000 tons of ore per day in November 2022. In addition, CPM also operates a smaller gold plant with a capacity of 500 tons of ore per day in Palu.In the first half of 2023, both gold plants operated with 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.Image source: Laman Bumi Resouces MineralsSource: www.liputan6.com/Bumi Resources Minerals Temukan Tambahan Cadangan Di Tambang Emas Proboya Palu
