BOTHELL (Yosefardi) – Borneo Resource Investments Ltd., a developer of thermal coal concessions and producing gold properties in Indonesia, booked net income of $41,201 in third quarter of this year, compared to a net loss in second quarter. It booked no net income in third quarter of 2012.
The company recorded revenues of $507,771, compared to zero revenues third quarter of 2012. In second quarter of this year, it booked revenues of $212,639.
The third quarter of this year marks first full quarter of gold mining at Talawaan Property, the company said. Having just completed the acquisition of PT Puncak Kalabat in June of 2013, Borneo Resources Investment swiftly started gold production at the Talawaan Property.
“We believe we can significantly increase production at Talawaan, as well as begin production at Ratatotok in the coming quarters. Further, the acquisition of Kalabat is proving to be a platform through which we are exploring additional opportunities to expand our precious metals project portfolio, as well as coal concessions,” the company said.
Borneo reported revenues of $507,771 from gold production at its Talawaan Property, a 50 hectare property located in the Manado region of Indonesia.
For the nine month period ended September 30, 2013, Borneo reported revenues of $720,410 from gold production at its Talawaan Property.