Bumi Resources Minerals (BRMS) secured a $625 million (Rp 10.4 trillion) syndicated loan to accelerate construction of its underground gold mine and expand exploration across several Indonesian regions.
The facility, arranged with Bangkok Bank, Bank Permata, Bank Mega, and Bank Central Asia, comprises a $425 million loan for subsidiary Citra Palu Minerals and $200 million for the parent company. BRMS will use the funds to complete its Palu underground mine, quadruple gold-processing capacity, and push deeper into copper and gold exploration in Gorontalo, Aceh, and Banten.
The loan carries a six-year tenor with a 10-month grace period and matures on Dec. 31, 2031, Chief Financial Officer Charles Gobel said Monday.
Most of the CPM tranche will fund the Palu project, including an increase in carbon-in-leach plant capacity to 2,000 tons of ore per day from 500 tons, expected to come online in the fourth quarter of 2026. BRMS President Director Agus Projosasmito said the expansion will lift gold output starting late next year.
“The loan is critical for scaling up our processing plant and completing the underground mine construction,” he said. The mine, slated for completion in the second half of 2027, contains high-grade ore averaging 4.9 grams per ton, which BRMS expects will significantly lift production in 2027.
The parent-level $200 million facility will finance drilling programs and resource upgrades. BRMS aims to announce new copper resource estimates in Gorontalo in the first half of 2027, while gold and silver exploration continues in Aceh and Banten. Part of the funds will also refinance a $120 million CPM loan from Bank Mega to strengthen the subsidiary’s capital structure.
The expansion comes as analysts raise expectations for BRMS’s earnings trajectory. Mirae Asset Securities projects net income to surge 80 percent to $108 million in 2026, supported by rising gold prices, forecast between $3,900 and $4,000 per ounce, and growing output from Palu and Gorontalo. The brokerage initiated coverage with a trading-buy call and a target price of Rp 1,100, citing stronger governance and future M&A potential.
BRMS expects gold production to climb to 91,900 ounces in 2026 and 105,700 ounces the following year, assuming timely project completion and stable market conditions.
