Project In Palu Becomes An Additional Profit Of Bakrie Family Company

Illustration. (Photo: Unsplash)

JAKARTA - The company belonging to the Bakrie conglomerate family, PT Bumi Resources Minerals Tbk (BRMS) recently reported its latest financial performance, although it was only for the first quarter of 2022. Even so, BRMS's performance is believed to be able to continue its positive trend in the first quarter of 2022 as fields increase. money' from its mining project.

As is known, BRMS joined with other Bakrie Group issuers who had not yet announced their financial statements in the first quarter of 2022. Besides BRMS, there are also names of PT Energi Mega Persada Tbk (ENRG), PT Bakrie Sumatera Plantations Tbk (UNSP), PT Darma Henwa Tbk (DEWA) and PT Bumi Resources Tbk (BUMI).

In the first quarter of 2022, BRMS recorded a 14 percent increase in profit compared to the same period last year. BRMS posted a net profit of up to 1.9 million US dollars, this number increased by 14 percent from the previous year of 1.67 million US dollars.

The increase in profit was derived from revenue growth of 118 percent in the first quarter of 2022 to 2.9 million US dollars, from the previous year which reached 1.35 million US dollars.

Apart from not releasing the latest financial statements, BRMS is believed to continue to record positive performance. Moreover, the company has just received additional mineral resources and reserves in Palu, Central Sulawesi.

Through its subsidiary, PT Citra Palu Minerals (CPM), BRMS reports that it has received positive drilling results from its gold mining project in the Poboya Block (Block 1). Its total mineral resources increased from the previous 17.8 million tons to 21.7 million tons with an average gold grade of 2.4 g/t.

Furthermore, the mineral resources in the Poboya Block (Block 1) were also successfully increased to a total mineral reserve of 14.2 million tons of ore with a grade of 2.4 g/t Au, previously CPM had mineral reserves of 8.5 million tons. ore.

BRMS President Director Agus Projosasmito said the addition of mineral resources and mineral reserves would extend the production life of the BRMS gold mine project in Palu.

"This is expected to add value to shareholders," Agus said in his written statement, quoted Tuesday, August 30.

The additional BRMS mineral reserves have the potential to increase the company's mining production pockets. Previously, the company also had the opportunity to obtain additional funding sources after obtaining an exploration permit in Linge Abong, Aceh at the end of last year.

BRMS has also reclassified the US$123 million business development project fund after obtaining the exploration permit. Director and Investor Relations of BRMS Herwin Hidayat explained that the listing of assets worth US$123 million by PT Linge Mineral Resources (LMR) was not a new acquisition but only a change in the asset account from a Business Development Project to an Exploration and Evaluation Asset.