Indonesia Miner : Merdeka Copper Prepares USD 390 Million Capex until Mid 2023

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Merdeka Copper Prepares USD 390 Million Capex until Mid 2023

www.kumparan.com

Fri 10 Jun 2022, 09:12 AM

This year is the momentum for PTMerdeka CopperGold Tbk (MDKA) boost performance. The company has prepared a capital expenditure (capex) of USD 390 million until mid-2023 to finance a number of projects.

"We are preparing the required capex for existing operations . Regarding investment projects, we estimate that we will invest USD 50 billion for feasibility studies and start drilling for gold mines during 2022," said MDKA Director David Thomas Fowler in a public expose, Friday (10/6).

MDKA currently has several main assets, namely the Tujuh Bukit Copper Project, the Nickel Mining and Refining Asset Project, the Pani Gold Project, and the Wetar Acid Iron Metal Project in Morowali.

Other assets in the form ofMineGoldSeven Hills, Wetar Copper Mine. The Tujuh Bukit Copper Project is one of the world's top undeveloped gold and copper mineral resources, containing approximately 8.2 million tonnes of copper and 28.6 million ounces of gold.

PT Bumi Suksesindo Seven Hill gold mine area, a subsidiary of PT Merdeka Copper Gold Tbk (MDKA) in Banyuwangi, East Java, Monday (23/7/2018) Photo: Ema Fitriyani/kumparan

"At the Tujuh Bukit Gold Mine, gold production in 2022 is expected to be in the range of 100k to 120k gold ounces with an AISC of USD 1,000 to USD 1,100 per ounce gold," said MDKA Deputy Director Simon James Milroy.

During the first quarter of 2022, the company has successfully acquired 50 percent ownership of Lion Selection Asia Limited (LSA) in PT Pani Bersama Jaya (PBJ), which has increased MDKA's economic ownership in the Pani Gold Project to 70 percent.

MDKA has also completed the acquisition of a 55.67 percent stake in PT Hamparan Logistik Nusantara through its subsidiary, PT Batutua Tembaga Abadi. HLN has acquired a nickel mining project with the world's largest nickel ore reserves and operating nickel refining assets.

Source: https://kumparan.com/kumparanbisnis/merdeka-copper-siapkan-capex-usd-390-juta-hingga-pertengahan-2023-1yFKEk0WkEK/full

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