PT Merdeka Copper Gold Tbk. (MDKA) has set relatively moderate gold and copper production guidance for this year.
Meanwhile, MDKA has set copper production guidance at 11.000 tons to 13.000 tons.
MDKA's President Director, Albert Saputro, stated that the company is aiming for the commissioning of the Pani Gold Project by the end of this year, as well as the development of unprocessed copper deposits from the Tujuh Bukit Copper Project.
"The operations of gold, copper, and nickel at Merdeka are in line with our production guidance, generating unaudited quarterly and full-year revenues for 2024 of USD 575.8 million and USD 2.2 billion, respectively,’ said Albert in a written statement, quoted on Saturday (8/2/2025).
According to the management report, MDKA's gold production throughout 2024 reached 115,867 ounces, with a total cash cost of USD 1.101,7 per ounce, AISC of USD 1.337 per ounce, and an average selling price of USD 2.371 per ounce.
Meanwhile, copper production throughout 2024 reached 13.902 tons, within the guidance range of 13.500 tons to 14.000 tons.
Additionally, the Wetar Copper-Pyrite Mine exceeded the cash cost guidance for 2024, with a cost of USD 2.63 per lb and an AISC of USD 3.58 per lb.
"Merdeka's strategic investments are expected to significantly improve our performance, especially with the commencement of operations at the two MBMA HPAL facilities and the commissioning of the Pani Gold Project by the end of 2025," said Albert.
As reported earlier, MDKA incurred a loss of USD 67.02 million or around Rp1.03 trillion (assuming an exchange rate of IDR 15.384 per US dollar) for the period from January to September 2024. According to the company's financial report released on Wednesday (18/12/2024), the loss position of the gold and copper mining company widened from the same period last year, which stood at USD 23.77 million.
MDKA recorded operating revenue of US$1.66 billion or around IDR 25.65 trillion. This figure surged 42.5% from the revenue collected by MDKA in the same period last year, which was USD 1.17 billion or around IDR 18 trillion.
