J Resources may exceed gold output target
Wednesday, November 19 2014 - 12:54 AM WIB
IDX-listed gold mining company PT J Resources Asia Pasifik Tbk (PSAB) said that gold output this year may slightly exceed the initial 200,000 ounces target as production as of the first week of November has reached 193,000 ounces.
?As of last week, production has reached 193,000 ounces,? said Director Edi Permadi on Tuesday.
The company, which last year produced 100,000 ounces of gold, has earlier said that the recently operated Bakan mine in North Sulawesi and Seruyung mine in East Kalimantan provide significant additional output this year as each concession can produce 50,000 ounces. The company also operates producing gold mines in Penjom, Malaysia, and Bolaang Mongondow, North Sulawesi.
J Resources, through its subsidiary PT Puncak Emas Gorontalo (PEG), partners with local village cooperatives KUD Dharma Tani Marisa, is conducting explorations at the Gunung Pani gold concession in Pohuwatu Regency, Gorontalo Province.
However, last week Lisna Alamri which claimed to be the rightful chairwoman of the KUD Dharma Tani, stated that cooperation between KUD Dharma Tani and PEG is invalid. She said KUD Dharma Tani is still engaged in business cooperation with Australia?s One Asia Resources Ltd.
But Abdul Kadir Akib, who also claims as the chairman of the KUD, said that Lisna Alamri is not a member of the KUD Dharma Tani, therefore her claims to be the chairwoman is unfounded.
"KUD Dharma Tani Marisa has terminated cooperation with One Asia Resources Ltd., PT Pani Resources, Pan Asia Resources Corp. and PT Prima Mineralindo on Dec. 10, 2013, approved by the board and the supervisory of KUD Dharma Tani Marisa," Rachmad Buluati, spokesperson of the KUD said in Jakarta on Tuesday.
He added that the KUD signed a Memorandum of Understanding (MOU) with PEG on December 24, 2013 in Jakarta. The signing was witnessed and approved directly by Abdul Kadir Akib, Chairman of the KUD Dharma Tani Marisa, and members, as well as Zuryati Usman, Chairman of the Supervisory Board of the KUD.
KUD Dharma Tani owns 51 percent shares in the concession, while PEG holds the remainder. The Pani gold concession is estimated to have reserves of 1.9 million ounces of gold.
Editing by Reiner Simanjuntak