PT Merdeka Copper Gold Tbk (MDKA) recorded growth in gold production in the first nine months of 2023.
MDKA's quarterly report shows that MDKA has realized gold production of 109,159 ounces during January-September 2023, up from 107,168 ounces in January-September 2022.
MDKA GM Corporate Communication, Tom Malik, said that the realization of the production was in line with the target set by management.
"Production for each quarter in 2023 is in line with the target," he told Kontan.co.id, Sunday (29/10).
From the production, MDKA recorded gold sales volume of 98,694 ounces of gold during January-September 2023 with average sales prices (ASP) of USD 1,942 per ounce.
In addition, MDKA also recorded silver production of 443,936 ounces with ASP USD 23 per ounce, copper 11,011 tons with ASP USD 8,660 per ton, NPI 42,054 tons with ASP USD 14,267 per ton, and Nickel Matte 16,430 tons with ASP USD 16,503 per ton.
Until the end of 2023, MDKA is targeting gold production of 120,000-140,000 ounces, copper of 14,000-16,000 tons, and NPI of 57,000 tons-65,000 tons. Management is optimistic that the gold production target can be met to close to 140,000 ounces.
"So far, we are optimistic that (the gold production target) will be achieved close to the upper target," said Tom.
It is not known yet what the realization of MDKA's consolidated financial performance will be in the first nine months of 2023. This is because MDKA has not published yet the September 2023 interim financial report.
Throughout January-June 2023, MDKA booked operating revenues of USD 520.03 million, up 52.32% compared to the realization of revenues in the January-June 2022 period which amounted to USD 341.40 million.
However, MDKA recorded a loss for the period attributable to owners of the parent entity, aka net loss of USD 49.21 million in January-June 2023. Previously, MDKA posted a net profit of USD 97.79 million in January-June 2022.
Image source: KONTAN/Akmalal Hamdhi
