JAKARTA (Yosefardi) – Gold producer PT J Resources Asia Pacific Tbk (PSAB) allocates US$50 million for capital expenditure (capex) next year, used to fund the construction of smelter and gold mine.

The company plans to develop gold mine in Pani, Gorontalo or Doup, North Sulawesi, targeting to commence production in January 2017.

PSAB targets to produce 237,500 ounces of gold this year. As at September, its gold production reached 196,850 ounces.

The company has also reportedly refinance its debt worth US$275 million. PSAB booked net profit of US$29.06 million in first nine months to September of 2015, jumped 140% from US$12.14 million in the same period of 2014. Revenues rose 13.72% to US$230.23 million from earlier US$202.44 million.