J Resources Records An Increase In Gold Reserves Up To Six Times

JAKARTA - The national gold mining company, PT J Resources Asia Pacific Tbk (PSAB) recorded a very significant increase in gold reserves up to six times, in line with the active exploration activities of the company over the past 10 years.

Closing the end of 2023, PSAB managed to record almost 3 million ounces of gold reserves, up six times compared to 2011 which was only 0.5 million ounces.

"We continue to maintain the position of the resource and reserve ratio with the production rate. With existing resources and reserves, it is estimated that we can operate for the next 15 years," said PSAB President Director Edi Permadi in Jakarta, quoted from Antara, Monday, March 4.

Edi said gold resource growth doubled, from 3 million ounces of gold to 6 million ounces during the same period.

This has made history for PSAB to become one of the few gold mining companies in the country that continues to actively explore.

"Currently, J Resources' gold production comes from Mining Bakan, Mining Penjom and in the future will be added from Mining Doup," added Edi Permadi.

The annual Reserve Replacement Ratio or additional reserves compared to the reserves produced, also grows consistently every year.

Since 2011, the total gold reserves that have been mined are 2.4 million ounces, while gold production in the same period is 1.9 million ounces or 58 tons of gold. This is also proof of the company's commitment to sustainable mining.

Currently, exploration activities are focused on two mines, namely the Bakan Mine managed by PT J Resources Bolaang Mongondow (PT JRBM) and the Doup Mine managed by PT Arafura Surya Alam (ASA). These two mines are located in North Sulawesi Province.

In the first quarter of 2024, exploration activities at Mining Bakan will focus on mapping surface geology in several areas, including West Tapaale. Meanwhile, drilling programs will be carried out at West Tapaale and Main Ridge to get additional resources.

The Tapagle Pit in Mining Bakan has a thick gold content with a relatively high level, reaching almost 1 gram of gold per tonne of ore. This year, pit Tapaale is ready to make a positive contribution to the company's operational performance.

While in Mining Doup, exploration activities in the first quarter of this year will begin with continued geometalurgy, reinterpretation and reinterpretation studies for geological map renewal, alteracy and mineralization maps as well as resource model blocks.

This activity aims to improve data accuracy to ensure the achievement of gold mining and production targets at Mining Doup as planned.