BRMS - Copper production in Gorontalo set for post-2028

BRMS - Copper production in Gorontalo set for post-2028 Bumi Resources Minerals (BRMS) plans to begin copper production in Gorontalo post-2028, with current copper reserves estimated at approximately 100 Mt and resources at 400 Mt. The project, managed by its subsidiary, Gorontalo Minerals, is undergoing further exploration, with a gold processing plant capable of handling 2,000 tpd targeted for completion by June 2026. BRMS also stated that the company remains focused on expanding gold production in Palu. A gold processing plant with a capacity of 4,000 tpd in Palu is expected to be completed in the 1H24. (Source : Kontan, Bloomberg Technoz) Comment : BRMS is strategically expanding its copper and gold projects in Gorontalo and Palu, with ongoing exploration and drilling aimed at boosting reserves. The 2024 gold production target of over 35,000 oz t represents a strong 50.4% yoy increase, with 1Q24 output already at 9,623 oz (19.2% of the target). The increased capex budget of USD150 mn (up from USD125 mn in 2023) supports BRMS's growth ambitions, funding key infrastructure to drive production and revenue.