JAKARTA. PT Bumi Resources Minerals Tbk (BRMS) targets gold production this year to increase.

BRMS Director Herwin Hidayat said that this optimism was supported by the presence of a second gold factory in Palu. Currently the second gold factory is operating with a capacity of around 1,500 tons to 2,000 tons of ore per day.

“The target is that by the end of August or early September the factory will have a full capacity of 4,000 tons of ore per day,”Harwin said.

The presence of the second factory has further increased BRMS’s production capacity, which so far has been sourced from the first gold factory with a capacity of around 500 tons to 500 tons of ore per day.

Herwin said, with this condition, he hopes the company’s financial performance can also be raised. Moreover, the selling price of gold continues to increase.

“Therefore, the increase in gold production and the increasing selling price of gold are expected to be reflected in BRMS‘ financial performance in the first half of 2023,” explained Herwin.

Kontan noted that this subsidiary of PT Bumi Resources Tbk (BUMI) posted an increase in financial performance throughout the first quarter of 2023. BRMS posted revenue of US$ 5.8 million in the January-March 2023 period. This amount rose 96% from revenue in the same period last year which was only US$ 2.96 million.

The increase in BRMS’ revenue also raised operating profit by 259% to US$ 1.7 million, so the gold and metal mineral mining company’s net profit rose 11% to US$ 2.1 million from the previous US$ 1.90 million.

During the first three months of 2023, BRMS gold production rose 92% to 79 kg from only 41 kg in the same period last year.