An Increase in Gold Prices Could Boost Performance Bumi Resources Minerals (BRMS)

ISSUER NEWS - JAKARTA. The continuously strengthening spot gold price has the potential to boost the performance of several gold mining issuers.

On Friday (8/3) at 11.05 WIB, the gold price weakened slightly by 0.1% to US$ 2,157.21 per troy ounce after touching US$ 2,163.65 per troy ounce earlier in the morning. In a week, the gold price has strengthened by 3.55% and soared by 6.58% in a month.

In a week, the spot gold price increased by 3.57%. Since the beginning of the year, the spot gold price has increased by 4.57%. This positive movement of gold prices also lifts the shares of gold producer issuers.

Director & Chief Investor Relations Officer of Bumi Resources Minerals (BRMS) Herwin W. Hidayat said, the increase in gold prices will have a positive impact on the company's financial performance.

"The increase in the selling price of gold will increase the company's revenue and also the company's net profit," said Herwin to Kontan.co.id, Thursday (7/3).

Read Also: Bukit Asam (PTBA) Targets Sales of 43.1 Million Tons of Coal in 2024, Up 16.48%

He said that BRMS's gold production has been increasing since 2020. In 2022, BRMS's gold production is at the level of 5,400 per troy ounce. In 2023, it increased to over 20,000 per troy ounce. And in 2024, BRMS targets that the gold price can reach over 35,000 troy ounces.

To achieve this target, BRMS implements several strategies, including optimizing gold production from the second gold factory in Palu, completing the construction of the third gold factory in Palu so that it can start operating in the middle of this year.