J Resources seeks to acquire second gold mine in Malaysia

By Brigida Ernestina Elu Wea

IDX-listed gold mining firm PT J Resources Asia Pasifik Tbk is currently finalizing the acquisition of a gold mine in Pahang, Malaysia, which will become the company?s second asset in the neighboring country.

J Resources Director Edi Permadi said on Thursday that the local sultanate has given its approval for the acquisition, and that the company is now in talks with the local state government to get final approval for the acquisition of 600-ha gold mine. ?We?re optimistic to be able to get the approval,? he said.

The company currently operates a gold mine in Penjom, also in Malaysia. ?We have completed initial geology study and initial works such as clearing. Drilling and exploration activities will be conducted this year. Our target is to be able to start production this year,? Edi explained, but did not provide further details.

Aside from the Penjom mine, J Resources also operates Bakan and Lanut Utara gold mines in North Sulawesi province, and Seruyung mine in North Kalimantan. Last year, the company produced 224,850 oz of gold, largely contributed by the Bakan and Seruyung mines.

Editing by Reiner Simanjuntak