PT J Resources Asia Pasifik, an Indonesian gold miner, has 92.5% owned by Jimmy Budiarto, who is thinking of selling his shares, according to people with knowledge of the situation.
Budiarto is collaborating with financial advisers and has approached potential investors, though the sources, who requested anonymity due to the confidential nature of the process, noted that a decision on the sale has not yet been made and he might ultimately choose not to proceed with it.
J Resources’ shares have surged approximately 160% this year, resulting in a market value of 6 trillion rupiah ($392 million).
Budiarto and J Resources representatives did not respond to requests for comment.
According to its website, the Indonesian company produces approximately 200,000 ounces of gold annually and plans to diversify into other metals and countries over the long term. As of the end of last year, J Resources had current liabilities surpassing its assets by $87 million, with loans and borrowings amounting to around $335 million, as indicated in the company’s financial statement.
