Bumi Resources Minerals Posts $13.2m Net Loss in 9M-Period
Bumi Resources Minerals (BRMS), a multi-minerals mining arm of the Bakrie Group, reported a net loss in the first nine months of this year due to temporary decline in its Batu Hijau copper and gold mine.
BRMS reported a $13.2 million in net loss in January-September, a swing after booking nearly $68 million in net income in the same period last year.
“The income contribution from PT Newmont Nusa Tenggara (NNT) experienced a decline,” it said in a statement on Sunday.
The statemetn was signed by Herwin W Vidayat, investor relation at the company.
“This is due to the temporary copper and gold production drop at the Batu Hijau mine site as a result of the on-going development of the phase 6. Once the phase 6 is completed early next year, NNT is expected to increase its outputs significantly in year 2013,” it said.
BRMS controls a 18 percent stake in NNT, which runs Batu Hijau copper and gold mine. The majority stake in NNT is controlled by Newmont Mining, a giant US gold producer.
Newmont Mining, which is listed in the New York Stock Exchange, reported that its Batu Hijau mine in West Nusa Tenggara experienced a 81 percent decline in gold production to 26,000 ounces in the first nine month of 2012. That compares to 138,000 ounces in a year ago period.
Copper production from the mine also dropped. It fell 46 percent year-on-year to 60 millionpounds from 112 million pounds.
BRMS owns two other copper and gold concession in Indonesia, which are in Elang mine and Rinti mine, both located also in Sumbawa.
On Dec. 31, BRMS announced it signed a joint agreement with Sumbawa regency government to lauch exploration projects in Elang.
Brian Hill, Newmont’s Head of Asia Pacific operations told a mining conference attendees in Australia that NNT’s Elang site’s prospect could have a larger deposit than its Boddington mine in Australia.
Boddington gold mine is the largest gold mine in Australia with proven reserves of 19.5 million ounces of gold and 2.2 billion pounds of copper as per 31 December 2011.
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