PT Bumi Resources Minerals Tbk (BRMS) is targeting gold production to exceed 55,000 ounces of gold in 2024.

Director & Chief Investor Relations Officer of Bumi Resources Minerals, Herwin W. Hidayat, stated that this optimistic target was set after the company achieved double the gold production in the first nine months of 2024 compared to the entire production in 2023. 

"For the first nine months of 2024 (January-September 2024), we have already recorded gold production of around 45,000 ounces. This is double the gold production for all of 2023, which was around 23,000 ounces," Herwin told Kontan on Friday (December 27, 2024).

"We hope that for the full year 2024, or the January-December 2024 period, our gold production will exceed 55,000 ounces," he added.

Herwin further explained that there are two key factors driving the improved performance of Bumi Resources Minerals in 2024.

First, in terms of production, the increase is due to the full operation of BRMS's second gold plant, which is run by its subsidiary PT Citra Palu Minerals (CPM), which has been operating at full capacity since April 2024. "The higher gold production in 2024 is due to the fact that our second gold plant in Palu is now operating at full capacity" he said.

Second, in terms of pricing, Herwin noted that the average selling price (ASP) of the company's gold has increased compared to the ASP in 2023. "The average selling price of gold in 2023 was around USD 1,930 per ounce. We are confident that the average selling price for the full year 2024 will be above USD 2,300 per ounce" he explained.

According to Herwin, these two factors make the company optimistic about achieving higher revenue and net profit compared to 2023.

Looking ahead to 2025, BRMS is still targeting improved performance due to slightly higher gold grades.