J Resources says gold output this year to be lower than target

By Thomas Sembiring

Petromindo|Thomas

IDX-listed gold mining company PT J Resources Tbk estimated gold production for this year to reach around 173,000 oz, lower than the initial target of 200,000 oz.

?For this year, gold production is (now) targeted at 173,000 oz,? said William Surnata, Director of J Resources to Petromindo.com on Friday.

He said that the slower production was due among others to heavy rainfall in the year which had hampered production activities.

William said that next year, gold output is projected to increase to around 185,000 oz.

J Resources operates a number of gold mines in Indonesia and Malaysia. About 84 percent of the company?s annual production has been contributed by the Bakan gold mine in North Sulawesi, and the Seruyung mine in North Kalimantan. The remainder comes from the Penjom mine in Malaysia. Other mines have yet to enter production stage. J Resources exports its gold output to Australia and Singapore.

Editing by Reiner Simanjuntak