J Resources expects output, revenue jump this year
Saturday, August 30 2014 - 04:45 AM WIB
IDX-listed gold mining firm PT J Resources Asia Pasifik Tbk is optimistic revenue this year to jump to US$250 million, or about 221 percent surge from $77.87 million last year, mainly on stronger production.
Finance Director of J Resources, William Surnata, said Friday that production and sales volume this year are expected to be much stronger than last year thanks to the contribution of the company?s two new gold mines.
He explained that in the first semester of this year, gold output soared by 100 percent to 101,947 ounces compared to the corresponding period of last year, giving optimism that the full-year production target of 200,000 ounces this year will be achieved. Meanwhile, sales volume in the first eight months ending August has reached 140,644 ounces.
He said that with full-year sales volume estimated to be about the same as production, and assuming current gold price of $1,290, revenue for this year is estimated at $250 million.
William said that the bulk of the company?s gold output comes from its two new producing mines including the Bakan mine in North Sulawesi, and Seruyung mine in East Kalimantan, which began production. The company?s two other mines are Penjom mine in Pahang, Malaysia, and North Lanut mine in North Sulawesi.
Editing by Reiner Simanjuntak