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Investing.com - Nomura/Instinet initiated coverage on Bumi Resources Minerals (BRMS:IJ) with a Buy rating and a price target of IDR600.00 on Monday.
The investment firm highlighted BRMS as a significant junior gold and copper asset play with exposure to four gold projects totaling 12.4 million ounces of gold resources and 1.9 million tonnes of copper resources.
Nomura noted that the company’s flagship Citra Palu Mineral project features one of the industry’s highest gold grades at 3.5 grams per tonne following a recent resource upgrade.
The firm projects BRMS will achieve a 57% earnings CAGR and approximately 32% CAGR in gold production over 2025-2028, driven by the commissioning of gold processing plants and underground mining development.
Since the Salim Group became the majority shareholder through rights issues in 2021, BRMS has secured financing to build four gold plants with a total input capacity of 10,500 tons per day.
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