Bumi Resources announces 9-months report

IDX-listed PT Bumi Resources Minerals (BRMS) has reported its first nine months 2012 financial results, which included a lower income contribution from PT Newmont Nusa Tenggara.

As previously disclosed, the decline was due to the temporary copper and gold production drop at the Batu Hijau mine site as a result of the ongoing development of the phase 6.

Despite the challenging year, BRMS manages to maintain a relatively strong Net Debt to Equity ratio of below 0.3x, it said in a statement.

The report also details some notable operational progresses in the firm's projects.

In July 2012, BRMS secured the exploitation permit via underground mining for its Dairi Prima Mineral's zinc and lead project from the Ministry of Forestry.

In September 2012, BRMS reported significant mineral resource estimates from its Gorontalo Mineral's copper and gold concession in Sulawesi.

The valuations were completed by the SRK Consulting (Australasia) Pty Ltd, Australia which confirms resource estimates of 292 million tonnes of ores, with average grades of 0.5% (copper) and 0.47 g/t (gold) from the Cabang Kiri and Sungai Mak sites.

BRMS is a multi-minerals mining company which is listed in the Indonesia Stock Exchange. Through its subsidiaries, BRMS owns effectively 18% stake in NNT's copper & gold project, 80% stake in Dairi Prima Mineral's zinc & lead mine (North Sumatera), and 80% stake in Gorontalo Minerals' copper & gold concession (Gorontalo, Sulawesi).

Editing by Dadan Wijaksana