JAKARTA – PT Merdeka Copper Gold Tbk (MDKA) redirects its focus on its gold mining business line by targeting production of up to 120,000-140,000 ounces of gold from Tujuh Bukit Gold Mine, Banyuwangi, East Java until the end of 2023. Furthermore, MDKA is currently waiting on its Pani Gold Project in Gorontalo to start operating in late 2023 or 2024.

Until December 2022, MDKA managed to produce 125,133 ounces of gold from Tujuh Bukit Gold Mine. “This year, MDKA aims to increase the gold production compared to 2022,” Albert Saputro, President Director of MDKA, explained in the press release quoted today (13/6).

Other gold project from MDKA, Pani Gold Project in Gorontalo, is said to be in the process of feasibility study, which will be concluded at the end of the third quarter this year. This project is believed to become a gold mine with gold production rate of up to 450,000 ounces per annum.

Other than gold, MDKA also seeks to secure copper production rate of up to 16,000-20,000 tons from Wetar Copper Mine, as well as nickel pig iron (NPI) production of 18,000-20,000 tons from RKEF Smelter of its subsidiary, PT Merdeka Battery Minerals Tbk (MBMA).

Until Q1 2023, MDKA also recorded increase in its revenue of 74% year-on-year (yoy) to USD 214.21 million, thanks to the contribution of NPI sales of MBMA. However, due to the swollen bonds interest and loan interest, MDKA’s net profit drastically plummeted from USD 65.41 million in Q1 2022 to USD 2.75 million in March 2023. (ZH)