JAKARTA. PT Bumi Resources Minerals Tbk (BRMS) aims to produce up to 35 thousand troy ounces of gold this year, around 40% higher than the company's estimated gold production in 2023.

Herwin Hidayat, Director of BRMS, said that the company's gold production in 2023 is estimated at 25 thousand troy ounces. "For the full year 2024, we hope that gold production can exceed 35 thousand oz," Hidayat said, quoted by Bisnis on Monday (5/2) yesterday.

The average selling price (ASP) targeted by BRMS for this year is US$2,000 per troy ounce. This reference price is in line with the continuing increase in gold prices.

BRMS's production increase and ASP target are also in line with geopolitical conditions, as well as the Fed's potential interest rate cut. These two factors are believed to make the rise in gold prices continue, as it is considered a fairly safe investment instrument.

In addition, a number of financial institutions such as JP Morgan to Goldman Sach also predict that gold prices will exceed US$2,000 per troy ounce in 2024.

According to idnfinancials.com data, BRMS has booked revenue of US$32.75 million as of September 30, 2023. Meanwhile, its net profit was recorded at US$10.48 million. (KR/LM)