PT Bumi Resources Minerals Tbk. (BRMS) will soon release its audited third-quarter financial report for this year. Independent Director and Corporate Secretary of BUMI, Dileep, said that the financial results will show positive quarter-on-quarter (qtq) and year-on-year (yoy) growth.
"The strong financial results are due to increased gold production and higher gold selling prices," he said in a brief message to CNBC Indonesia on Friday (22/11).
He also revealed that in the second week of December 2024, BRMS will publish the JORC Reserve Data from its gold mine site in Poboya, Palu.
"This data has been assessed and completed by the AMC Mining Consultant from Perth, Australia," he said.
The data will include mineral reserves with higher gold content from the underground prospects. These higher-grade underground reserves will indicate strong production growth in the future.
As additional information, the gold mining subsidiary of the Bakrie Group reported a net profit of USD 10.66 million for the third quarter, which represents a 65% increase compared to the same period last year, which was USD 6.47 million.
This net profit achievement was supported by total revenue soaring by 294% to USD 32.74 million, compared to USD 8.32 million in the same period of 2022.
BRMS's revenue from gold sales also surged by 340% to USD 31.74 million in Q3 2023, compared to USD 7.22 million in the same period last year. Meanwhile, revenue from mining consulting services remained at USD 1 million, slightly down from USD 1.1 million previously.
BRMS President Director Agus Projosasmito said the positive production performance was due to the operation of the second gold plant, which continues to ramp up towards full capacity. BRMS's gold production reached 511 kg or equivalent to 16,437 ounces in the first 9 months of 2023. This represents a 328% increase compared to the same period last year.
"We hope to continue increasing our gold production in line with the second plant reaching full capacity in Q4 2023," he explained in an official statement on Tuesday (31/10).
Meanwhile, BRMS's subsidiary, PT Citra Palu Minerals (CPM), completed the construction of its second gold plant in Palu with a capacity of 4,000 tons of ore per day in November 2022. CPM also operates a smaller gold plant 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.
The average gold price (average selling price/ASP) for BRMS in Q3 2023 reached USD 1,914 per troy ounce, up 6% compared to USD 1,805 per troy ounce in the same period last year.
On the balance sheet side, BRMS recorded debts to creditors amounting to USD 57.23 million as of Q3 2023. This debt has decreased compared to Q3 2022, which was USD 94.78 million.
The company's debt-to-equity ratio (DER) stood at 0.06 times, lower than the previous ratio of 0.10 times.
