BRMS Director Herwin Hidayat revealed that the discovery of gold ore reserves has increased by 38%, from the previous 22.8 million tons to 31.5 million tons, with an average gold grade of 2.4 g/t.
This condition extends the production life of the Poboya Mine. “In the future, mining activities must be increased to obtain and process the ore into gold,” said Herwin to Kontan on Friday (10/10).
It’s worth noting that the addition of these resources comes from the River Reef prospect, Hill Reef 1 prospect, and a new prospect in Watuputih located west of the River Reef owned by PT Citra Palu Tengah.
Herwin continued that BRMS’s gold production for the first nine months, through its subsidiary PT Citra Palu Minerals, amounted to 511 kg or 16,437 oz. This figure surged by 328% compared to the same period last year.
In the third quarter of 2023, this mineral mining company reported revenue of USD 32.74 million, a significant increase of 294% from the same period the previous year, which was only USD 8.32 million. This figure also surpassed BRMS’s revenue in 2022, which was USD 11.64 million.
From the bottom line perspective, BRMS recorded a 65% increase in net profit to USD 10.6 million, compared to the previous USD 6.47 million in the same period last year.
Earlier, BRMS President Director Agus Projosasmito expressed their target for increased production in the remaining months of the year.
“We also hope to increase our gold production in the second semester of 2023 from our newly completed second gold processing facility. The increase in gold production will have a positive impact on the Company’s financial performance in 2023,” said Agus in a press release on Wednesday (1/11).
Image source: BRMS