Borneo Resource books sound Q3 performance
Tuesday, November 19 2013 - 03:15 AM WIB
US firm Borneo Resource Investments Ltd, a developer of thermal coal concessions and producer of gold in Indonesia, reported a solid financial showing in the third quarter of the year.
The company said in a statement on Monday that the sound performance was mostly attributable to the first full-quarter of gold mining at Talawaan Property, a 50 hectare project located in Manado.
Borneo booked US$507,771 in revenues in Q3 2013 -- all from gold production at Talawaan, compared to zero revenues in the same period of 2012 and $212,639 in Q2 2013.
This resulted in $41,201 in net income attributable to Borneo shareholders in Q3 2013, compared to no net income in the same period of 2012 and a net loss in Q2 2013.
For the nine month period ended September 30, 2013, Borneo reported revenues of $720,410 from gold production at Talawaan.
"We believe we can significantly increase production at Talawaan, as well as begin production at Ratatotok in the coming quarters. Further, the acquisition of Kalabat is proving to be a platform through which we are exploring additional opportunities to expand our precious metals project portfolio, as well as coal concessions," said CEO Nils Ollquist.
Editing by Dadan Wijaksana