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Bumi Resources financial ratio improves in 2018

28 March 2019 11:45

JAKARTA - PT Bumi Resources Minerals Tbk (BRMS) announced that its financial ratio in 2018 improved.

BRMS Director and Investor Relations Herwin W. Hidayat said improvements in the company’s 2018 financial performance included the successful divestment of the company’s 51% stake in PT Dairi Prima Mineral (DPM) to NFC China, repayment of third party loans using funds from the divestment of DPM shares, 99% decrease of interest and financial liabilities, increase of cash and deposit balances, and improvement of the company’s overall liquidity ratio.

“In addition to those financial improvements, we are also progressing operationally. Both DPM and CPM (PT Citra Palu Mineral) secured their respective 30-year production permits (plus a three-year Construction Permit for CPM) from the government in late 2017,” said BRMS Director and Chief Operating Officer Suseno Kramadibrata in an official statement received by IDNFinancials.com, Tuesday (26/3).

“Our copper and gold project in Gorontalo, Sulawesi (PT Gorontalo Minerals/GM) has just received its 30-year production permit (plus a three-year construction permit) last month.”

Mr Kramadibrata added that this showed that CPM must be ready to produce gold by 2020, while DPM and GM are planning to start producing zinc and copper in 2021 and 2022 respectively. BSMR is also working hard to ensure that CPM and GM can start production earlier in late 2019 and late 2020 respectively. (MS)

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