J Resources reports Jan-Feb gold production

By Romel S. Gurky

IDX-listed gold mining company PT J Resources Asia Pasifik Tbk said that output in January-February of this year reached 43,294 troy ounces, while sales volume totaled 43,570 Oz.

The company said in a statement obtained Saturday that average selling price during the first two months of this year stood at US$1,248 per Oz.

It added that revenue in the January-February period reached $54.36 million.

As reported by this portal late last year, J Resources aims to increase gold production to 225,000 Oz this year.

Gold production last year reached more than 220,000 ounces, more than doubled the 100,000 oz output in 2013.

The higher production had been anticipated as the newly operated Bakan mine in North Sulawesi and Seruyung mine in East Kalimantan have provided significant additional output. 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, Australia?s One Asia Resources Ltd claimed it was the rightful partner of the KUD in developing the gold mine.

Editing by Reiner Simanjuntak