BRMS books $1.9m net profit in H1

IDX-listed PT Bumi Resources Minerals Tbk (BRMS) reported that the company managed to book net profit of US$1.9 million in first half 2012 despite the lower copper and gold outputs from PT Newmont Nusa Tenggara?s (NTT) Batu Hijau mine site.

It said that the temporary production drop from Batu Hijau was due to on-going phase 6 development.

?Once phase 6 is completed by the end of this year, NNT's copper and gold outputs in year 2013 are expected to increase significantly,? it said.

The company alo reported positive development made in the first semester such as the issuance of borrow and use permit for mining and exploitation works for its zinc and lead concession of PT Dairi Prima Mineral in North Sumatra.

?BRMS also looks forward to completing the exploration drilling works in several sites within its copper and gold concessions in Sulawesi, which are operated by PT Gorontalo Minerals and PT Citra Palu Minerals,? it said.

The company expects to announce the JORC (Joint Ore Reserves Committee) resource estimates of BRMS?s copper and gold projects in Sulawesi by end of this year.

Editing by Adianto P. Simamora