Jimmy Budiarto, founder and major shareholder of Indonesia’s gold miner J Resources Asia Pasifik Tbk PT (IDX: PXAB), is considering quitting while he’s ahead.
A Bloomberg report published Tuesday revealed that he may be selling his 92.5 per cent stake, citing anonymous sources familiar with the matter. Shares of J Resources have steadily ascended by over 170 per cent within the past year. The gold miner currently has a C$553.9 million dollar valuation.
Bloomberg’s sources say Budiarto is collaborating with financial advisors and that he has been communicating with potential investors. He may change his mind and retain his major holding, they also said.
J Resources currently churns out about 200,000 gold ounces per annum from its Indonesian and Malaysian assets. Its richest resources are the Doup and Bakan gold projects in Indonesia’s North Sulawesi province.
In 2023, J Resources sold about 31.3 more kilo ounces of gold than 2022 — an annual sales increase worth C$94.3 million. The company’s production yield increased by 67.9 per cent last year for a total of 93.7 kilo ounces.
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J Resources awarded for performance
Olly Dondokambey, Governor of North Sulawesi, recently honoured the company with an investment award for fulfilling its obligations and responsibilities.
He considers J Resources to be a valuable contributor to the nation’s economy.
“We have always been committed to complying with all regulations, obligations, and carrying out our responsibilities in order to contribute to economic growth in North Sulawesi,” the company’s Head of External Relations & Security, Andreas Saragih, boasted when the award was received.
Photo credit: ManadoPost
Mining gold for 13 years
J Resources has been operational in Indonesia since 2011. Since that time the company has produced almost 1.9 million ounces of gold. The Asian miner currently employs about 3,000 people.
Gold’s recent historic ascension to approximately C$3,375 per ounce has brought the company robust optimism for its future activities.
“We will work hard to take advantage of this momentum,” President Edi Permadi said recently.
rowan@mugglehead.com
