JAKARTA - PT Bumi Resources Minerals Tbk (BRMS) will announce the funding of its underground gold mine located in Poboya, Palu, Central Sulawesi.

As previously reported by IDNFinancials.com, BRMS is finalising funding for the project. The funding value is estimated at US$200-300 million.

‘We will announce it soon, hopefully in April or May,’ said Herwin Wahyu Hidayat, Director of BRMS, when contacted by IDNFinancials.com.

BRMS has teamed up with PT Macmahon Indonesia (MMI) as the main contractor for the underground mining project in Poboya. ‘The development of the underground mine is going well,’ Herwin added.

BRMS President Director & Chief Executive Officer, Agus Projosasmito, said the company is optimistic that gold production will continue to increase in the coming years, supported by underground mining operations in Poboya.

‘We hope that the underground mining method, which has been under development since early 2025, can start producing with higher gold grades in 2027,’ said Projosasmito in an official statement on Monday (24/3).

BRMS posted a net profit  of US$25.13 million in 2024, growing 77% year-on-year (yoy). This growth was in line with the 248% increase in revenue and the 26% increase in gold selling price. (KR)