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BRMS subsidiaries get concession permits

Publicly listed mining company PT Bumi Resource Minerals (BRMS) announced on Friday that two of its subsidiaries, Dairi Prima Minerals (DPM) and Citra Palu Minerals (CPM), had secured permits to carry out operations in their respective concessions

The Jakarta Post
Jakarta
Sat, November 19, 2011 Published on Nov. 19, 2011 Published on 2011-11-19T12:00:02+07:00

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ublicly listed mining company PT Bumi Resource Minerals (BRMS) announced on Friday that two of its subsidiaries, Dairi Prima Minerals (DPM) and Citra Palu Minerals (CPM), had secured permits to carry out operations in their respective concessions.

DPM, which runs BRMS’ zinc and lead project in North Sumatra, obtained the principle agreement from the Forestry Ministry, dated Nov. 15, for underground mining within the concession.

BRMS owns 80 percent shares in DPM and has 96.97 percent shares in CPM.

Another subsidiary, CPM, which runs a gold and molybdenum concession in Sulawesi, obtained borrow and use permits for exploration at two of its sites — North Luwu of South Sulawesi covering an area of 21,181 hectares and Donggala and Parigi Moutong of Central Sulawesi covering an area of 29,223 hectares.

CPM was issued the permit for the North Luwu operation on Aug. 22 and for the Donggala and Parigi Moutong sites on Sept. 23.

BRMS CEO Kenneth Farrell said that the recently approved permits would enhance activities at those sites.

“We are on track to start production in the second half of 2013 from our zinc & lead project operated by DPM. The Exploration Permits in two of CPM’ sites allow us to commence the necessary feasibility studies and exploration activities,” Farrell said in a written statement.

He added that his company planned to finalize the estimation of resources in CPM in accordance with the standards of the Joint Ore Reserves Committee (JORC) and also the gold and copper concession operated by Gorontalo Mineral (GM) by the end of 2012. GM secured the exploration permit in December 2010.

BRMS is the non-coal unit of one of the largest coal producers in Indonesia, PT Bumi Resources.

BRMS shares had risen 3.38 percent to Rp 610 a piece by closing on Friday.

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