PSAB gold production up 100 percent

IDX-listed PT J Resources Asia Pacific Tbk (PSAB) produced gold 101,947 ounces during the first half of this year, a 100 percent jump compared with the production last year at 50,000 ounces.

The production is equal to the production it derived from mines in Penjom, Malaysia, and North Lanut Bolaang Mongondow in North Sulawesi, at 100,000 ounces last year.

PSAB President Director Edi Permadi said on Sunday that the additional production in 2014 was derived from two concessions, namely Bakan concession in North Sulawesi, and Seruyung in East Kalimantan.

In 2014, PSAB has planned to increase gold production up to 200,000 ounces. The largest contributor of the production is Bakan in North Sulawesi, which started production in 2013, along with the finalization of the development of gold processing facility. Seruyung started production early this year (2014). Each concession can produce 50,000 ounces.

Currently, PSAB is conducting explorations in Gunung Pani, Gorontalo.(*)