Dairi Prima Minerals Plant in North Sumatera - Photo by Bumi Resources Mineral

JAKARTA (TheInsiderStories) – The long-troubled PT Bumi Resources Minerals Tbk (IDX: BRMS) reported an improvement on its financial position. In the 2018′ financial report, debt that company suffered is still not yet healthy, but getting better.

It said, there were some corporate actions taken by the company to improve its downturn. The divested 51 percent shares of PT Dairi Prima Mineral to NFC China made BRMS received US$198 million of funding.

The miner then booked lessen debt burden. Its long-term loan fell by 99.85 percent from $99.77 million to $144.929. While, other payables to third party decreased by 44.55 percent from $58.27 million to $32.31 million.

It doesn’t mean that the position is safe enough. Bumi Resources Minerals‘ short term loan remains at $53.99 million.┬áBut the condition is enough to slash the liquidity ratio by around half.

Unit of PT Bumi Resources Tbk (IDX: BUMI) Debt to Equity Ratio was recorded at 0.71 percent, fell from 0.38 percent. This follows with a secured position of Net Debt to Equity Ratio to 0.09 percent from 0.37 percent.

The interest and financial changes that company must suffer also feel deeply by 99 percent. In 2017, the figure was $9.59 million. While last year, the burden fell to $44,798.

“We have showed quite a few financial improvements in 2018,” said Director and Investor Relation of Bumi Resources Minerals Herwin W. Hidayat in a written statement released on Tuesday (03/26).

Moreover, Chief Operating Officer of BRMS Suseno Kramadibrata explained that company has been progressing operationally. The company have secured 30-year production permits for its subsidiaries.

Last month, a copper and gold project in Gorontalo province, Sulawesi island, operated by PT Gorontalo Minerals just received the permit. Previously, Citra Palu Minerals has gotten the same permit last year.

By this, Kramadibrata stated that Citra Palu Minerals must be ready to start producing gold as early as next year. Meanwhile, Dairi Prima Minerals and Gorontalo Minerals are projected to start producing zinc and copper in 2021 and 2022 respectively.

“Despite such schedules, our team is working hard to possibly accelerate the construction period,” he said.

US$1: Rp14,100

Written by Staff Editor, Email: theinsiderstories@gmail.com