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Bumi Resources finds additional gold and silver deposits in Central Sulawesi
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Jakarta's Bakrie Tower, which houses the headquarters of Bumi Resources, is pictured on Nov. 27, 2012. (AFP/Romeo Gacad)
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T Bumi Resources Minerals (BRM), a non-coal arm of diversified miner PT Bumi Resources, has discovered an additional 8.7 million tonnes of gold and silver reserves at the Poboya Block 1 gold mine in Central Sulawesi.
The discovery raises the total mineral reserves of BRM subsidiary PT Citra Palu Minerals from 22.8 million tonnes to 31.5 million tonnes of ore, with an average gold grade of 2.4 grams per ton.
Meanwhile, the company’s mineral resources increased from 28.4 million tonnes to 42.7 million tonnes of ore.
Mineral resources indicate total material concentration in or on the earth's crust, while mineral reserves refer to the portion of those minerals that could be profitably mined at prevailing prices with current technologies.
BRM president director Agus Projosasmito said the additional minerals would increase the production life of the firm's gold mine in Poboya.
"We also expect to grow our gold production in the second half of this year from our second gold processing facility. We hope the production increase will have positive impacts on our full-year financial results," Agus said in a statement on Wednesday.
Gold prices have risen as military clashes between Israel and the Palestinian Islamist group Hamas persist, amid worries that the conflict could spread beyond Gaza.
