J Resources to boost gold production
Monday, March 25 2013 - 02:19 AM WIB
J Resources vice president for human resources and corporate affairs Edi Permadi said at the weekend that the funds would be used to procure heavy equipment, and to finance river diversion as well as improvement of existing plant. ?This river diversion will allow us to mine for gold ore under the river,? Edi said in Kuala Lipis, Pahang, at the site of the mine.
J Resources expects to increase output from Penjom to 57,000 troy ounces this year, up from around 50,000 last year and extend the life of the mine, expected to close in 2017.
The company acquired Penjom through intermediary PT J Resources Nusantara along with several assets in Indonesia from UK mining company Avocet Mining plc in 2011. Those assets were placed directly under J Resources? control early in 2012.
In its last years of operation, Avocet did not invest significantly in the Penjom mine believing that it would soon be exhausted.
?We believe this new investment will prolong the life of the mine and bring Malaysia more benefit?? executive supervisor of Penjom, Ahmad Zamzamin Hashim said at an event where J Resources presented three funeral vans worth US$110,000 to local people, witnessed by Malaysian Prime Minister Najib Abdul Razak.
The Penjom mine will supply the bulk of J Resources? total gold output of 103,000 ounces this year. J Resources also owns North Lanut mine in North Sulawesi and expects more production from the Bakan mine, also in North Sulawesi , and from Seruyung in East Kalimantan. (*)