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J Resources sees remarkable 121 percent revenue rise in Q3 2023
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Heavy equipment digs at a gold mine.
N
ational gold mining firm J Resources experienced a remarkable upswing in its operational and financial status in the third quarter of 2023. Its revenue soared to US$93 million, marking a substantial 121 percent increase compared with the same period in 2022.
The surge was propelled by an intensified operational aspect, with gold production hitting 50,151 ounces by September 2023, up by 16.5 percent from the 2022 figures. Similarly, gold sales climbed to 49,198 ounces, reflecting a 14.4 percent increase compared with September 2022.
Moreover, gross profit rose to $51.2 million, while operational profit rose to $23.6 million by September 2023, showcasing a substantial growth trajectory compared with the previous year.
J Resources president director Edi Permadi attributed the upswing to operational enhancements, outlining plans for further production increases in the coming quarter.
Looking ahead, the company anticipates hitting the 100,000-ounce production mark for 2023, fueled by stable daily production trends and fluctuating gold prices. Additionally, J Resources plans further development for the gold mines it operates.
"The improved operational performance in the third quarter of 2023 is reflected in the enhanced post-tax profits compared with the June 2023 period. Additionally, the average production in the first and second quarters of 2023 was 15,000 ounces, while it rose to 20,000 ounces in the third quarter. As per our planned strategies, we anticipate further production increases in the fourth quarter of this year," he explained.
"Our production in October 2023 surpassed 15,000 ounces, and with a fairly stable daily production trend, we are confident that our production for the year 2023 may reach up to 100,000. Moreover, with the relatively high price of gold, it will add significant value to our annual performance this year."
Currently, J Resources operates several gold mines, including those in Bakan managed by PT J Resources Bolaang Mongondow (JRBM) and the Penjom mine in Malaysia. J Resources is also in the process of developing the Doup mine managed by PT Arafura Surya Alam (ASA).
