PT Merdeka Copper Gold Tbk. (MDKA) spent exploration funds of USD 22.6 million or around IDR 350.8 billion, throughout the fourth quarter of 2023.

The management of Merdeka Copper said that throughout the In the fourth quarter of 2023, MDKA carried out exploration activities in three locations, namely Tujuh Bukit of East Java, Wetar Island, and Southwest Maluku, and Pani Gorontalo. In Seven Hills, the focus is on gold and copper and silver and gold resources, in Wetar, it is focused on copper resources, and in Pani is focused on gold resources.

"The total expenditure for exploration by Merdeka during the fourth quarter was around IDR 350.8 billion, equivalent to a range of USD 22.6 million," the management wrote in the information disclosure. quoted Monday (15/1/2024).

In more detail, the Seven Hills Project costs IDR 2,06.6 billion, which consists of tunnel maintenance and underground resource definition drilling and related test work.

The result was seven subsurface drilling rigs with a total depth of 7,228.8 meters. With the completion of the subsurface drilling program, all subsurface rigs will be stopped and withdrawn. Advanced drilling will use surface drill rigs.

Meanwhile, for the Tujuh Bukit gold and gold project, spent IDR 26.6 billion. Two Reverse Circulation (RC) rigs and 15 Diamond drills (DD) rigs drilled with a total drilling of 23,336 meters. Mine-age drilling and regional exploration will continue using six DD rigs and two RC rigs for resource definition, sterilization, and exploration.

Furthermore, the Wetar Copper Mine copper project spent fresh funds of IDR 28 billion. From exploration, two drilling rigs were operated during this quarter, with 39 holes completed and an overall drill depth of 3,383.9 meters at Partolang.

This project will later be continued by starting regional drilling programs in West and East Kali Kuning and Karkopang in the middle of the first quarter of 2024.

Then the Pani Gold project costs IDR 89.6 billion. The results of exploration activities are 136 boreholes completed for a total of 15,210.1 meters, namely the drilling program of resource definition, metallurgy, and sterilization.

Furthermore, it will continue using 6 rigs for resource definition drilling and geotechnical drilling programs.

The Pani Gold Project is a project that contains approximately 6.6 million ounces of gold and is expected to be a long-life, low-cost gold mine with the potential to produce significant amounts of gold.

Gold production is expected to begin by the end of 2025 and peak production is planned to exceed 450,000 ounces of gold per year, making it the largest gold mine in Indonesia and one of the largest gold mines in Asia Pacific.

Then, the Tujuh Bukit Copper Project is one of the world's top-ranked undeveloped copper and gold mineral resources, containing about 8.1 million tons of copper and 27.4 million ounces of gold.

Image source: merdekacoppergold.com

Source: www.market.bisnis.com/Emiten Boy Thohir MDKA Habiskan Dana Eksplorasi Rp350,8 Miliar