Bumi Resources Minerals (BRMS) Increases Gold Production Gradually

Bumi Resources Minerals (BRMS) Mengerek Produksi Emas Secara Bertahap

PT Bumi Resources Minerals Tbk ( BRMS ) has just been included in the FTSE Global Equity Index Series Asia Pacific. This Bakrie Group entity is included in the global index together with PT Bumi Resources Tbk ( BUMI ). Both are included in the small caps category or stocks with small capitalization.

Director of Bumi Resources Minerals, Herwin Hidayat, said that the inclusion of BRMS in the FTSE index shows that the global investment community is increasingly believing in the better performance of BRMS.

“This is consistent with the company’s production and financial performance. BRMS will gradually continue to increase gold production in stages,” he told, Tuesday (23/8).

Herwin explained that after the construction of the second gold factory in Palu was completed at the end of 2022, BRMS would gradually increase gold production until it reached the factory’s full capacity.

It is expected that in late September or early October 2023, the new plant will be operating at full capacity. The factory will be able to produce 4,000 tonnes of ore per day.

“In the third quarter of 2023, gold production is also expected to increase again. This will have a positive impact on BRMS’s financial performance,” said Herwin.

During the first half of 2023, BRMS managed to record gold production of 236 kg or the equivalent of 7,611 ounces. This figure jumped by 200% compared to the first half of 2022 which only reached 82 kg or the equivalent of 2,531 ounces.

Along with the increase in production, the average selling price (ASP) of BRMS gold also increased by 4% to US$ 1,928 per ounce from US$ 1,854 per ounce previously.

This also makes a positive contribution to BRMS’s financial performance. During the first six months of 2023, Bumi Resources Minerals managed to generate revenue of US$ 15.8 million, an increase of 186% over the previous year.

At the end of June 2023, BRMS recorded a net profit of US$ 5.63 million. This figure has increased by 44% compared to net profit in the same period in 2022 which was only US$ 3.91 million.

Image source >>> Dok/BRMS

Source >>>