Gold producer J Resources Asia Pasifik (PSAB) booked net profit of US$1.5 million in the first quarter (Q1) of 2017, dropped 62.2% from US$3.97 million in the corresponding period of 2016. Comparing to Q4 of 2016 (US$6.89 million profit), the figure dropped 78.23%. PSAB’s sales fell 21.8% to US$49.8 million from previous US$64.6 million. PSAB said Tambang Lanut and Bakan gold mining reported a 36.7% decline in gold production, to 17,527 ounces for Q1 this year and Seruyung mining’s production declined 5.5% to 16,854 ounces. PSAB expects its new gold mining — Doup in North Sulawesi and Gunung Pani in Gorontalo — to commence operation in 2019, helping boosting its gold production.
