BRMS – In the process of completing 2 projects

BRMS – In the process of completing 2 projects Bumi Resources Minerals (BRMS) focuses on completing 2 projects to increase production capacity and improve performance, namely the development of a gold mine project in Palu and the development of a copper and gold mine project in Gorontalo. BRMS targets the completion of the plant in Palu with a capacity of 4k tons of ore per day by 2H24. Meanwhile, the factory in Gorontalo with a capacity of 2k tons of ore per day is expected to be completed in 1H26. As of 1Q24, BRMS has produced 9,623 troy oz of gold through its subsidiary, Citra Palu Minerals. BRMS's production target this year is 35k troy oz of gold. BRMS is optimistic that gold demand this year will remain high due to uncertain geopolitical conditions, the accumulation of gold purchases to strengthen the country's currency and excess gold demand. BRMS has allocated USD150 mn for 2024' capex and has spent around USD125 of total 2024 capex, ytd. (Source : Kontan)