BRMS - New reserves at the Palu gold mine

BRMS - New reserves at the Palu gold mine Bumi Resources Minerals (BRMS) through its subsidiary Citra Palu Minerals (CPM), uncovers new mineral resources at the Block 1 (Poboya) gold mine in Palu, Central Sulawesi. The discovery increases CPM mineral resources by 50% to 42.7 mn metric tons of ore with an average gold content of 2.6 grams per metric tons and expanded CPM mineral reserves by 38%. BRMS plans to increase gold production in 2H23 with a new facility. Despite low factory utilization rates, BRMS target a gold production of 427 kg this year. In 1H23, the company has already produced 236 kg of gold and aim to double this by year-end. Currently, BRMS owns four subsidiaries producing gold, copper, and zinc: Citra Palu Mineral, Dairi Prima Mineral, Gorontalo Minerals, and Linge Mineral Resources Gold. (Source: Investor Daily)