The financial performance of PT Bumi Resources Minerals Tbk (BRMS) is improving. As of the third quarter of 2023, this mineral mining issuer posted revenue of USD 32.74 million.

This realization jumped 294% from revenue in the same period the previous year which was only USD 8.32 million.

This figure also managed to surpass BRMS' revenue in 2022, which at that time reached USD 11.64 million.

Agus Projosasmito, President Director of BRMS, said that BRMS's revenue in this period was driven by the moncernya gold segment, where revenue from the gold segment reached USD 31.74 million or shot up to 340% on an annual basis or year-on-year (yoy).

The rest was contributed by mining advisory revenue worth USD 1 million.

The subsidiary of PT Bumi Reseources Tbk (BUMI) recorded gold production of 511 kilograms (kg) or equivalent to 16,437 oz in the first nine months of 2023. This number reflects an increase of 328% from the same period last year.

"The improved production performance is due to the operation of the 2nd gold plant which continues to increase towards full capacity," Agus said, Monday (30/10).

BRMS expects to continue to increase gold production in line with the 2nd plant which will reach full capacity in the fourth quarter of 2023.

BRMS subsidiary PT Citra Palu Minerals (CPM) has 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 mill with a capacity of 500 tons of ore per day in Palu. In the first 9 months of 2023, both gold plants operated with an average processed tonnage of 1,500 tons of ore per day.

Image source: BRMS

Source: www.investasi.kontan.co.id/Bumi Resources Minerals BRMS Kantongi Pendapatan US 3274 Juta Di Kuartal III 2023