PT Merdeka Copper Gold Tbk ( MDKA ) provides updates on the Pani gold project and Tujuh Bukit Mine. Pani gold construction has reached 33% by the end of 2024.

First gold pouring is targeted for early 2026. The Pani gold project is projected to be one of the largest primary gold mines in Indonesia, with a peak production target of around 500,000 ounces of gold per year.

On the other hand, the Tujuh Bukit Copper Project is claimed to have made significant progress with the updated indicated power estimate showing a significant increase compared to the previous estimate.

MDKA plans to release an updated pre-feasibility study in the second quarter of 2025, which will include improved project economic projections as well as expanded production capacity.

Merdeka Copper President Director Albert Saputro said that the company managed to record solid growth across all main business lines, supported by progress in various strategic projects.

"Merdeka remains steadfast in its commitment to achieving sustainable and profitable growth. With several important milestones awaiting in 2025 and beyond, we are optimistic about achieving continued success," he said in an official statement, Monday (7/4/2025).

On the performance side, MDKA reported consolidated revenue of USD 2.24 billion in 2024, up 31% year-on-year (YoY). The company's EBITDA increased to USD 329 million or grew 36% compared to the previous year.

MDKA's growth is supported by the performance of its subsidiary in the nickel sector, namely PT Merdeka Battery Materials Tbk (MBMA) and is supported by gold prices that remain high.

MDKA achieved substantial growth through MBMA nickel operations driven by significant performance improvement at PT Sulawesi Cahaya Mineral Mine (SCM Mine), where production surged to 10.1 million wet metric tons (wmt) of limonite, marking a 150% year-on-year surge, and 4.9 million wmt of saprolite, up 110% from the previous year.

The MBMA smelter also increased nickel production and produced 82,161 tonnes of nickel pig iron (NPI), an increase of 26%, and 50,315 tonnes of high-grade nickel matte (HGNM), an increase of 66% compared to 2023.

One of the important milestones in Merdeka's nickel business strategy was achieved through PT ESG New Energy Material (ESG), a joint venture of the High Pressure Acid Leach (HPAL) plant between MBMA and GEM Co., Ltd.

In February 2025, PT ESG successfully obtained an Industrial Business License (IUI), which was then followed by the initial commercial sale of 8,500 metric tons of mixed hydroxide precipitate (MHP) in March 2025.

"This achievement marks a significant step in Merdeka's nickel downstream expansion. The next MHP shipment is scheduled to take place throughout 2025," he explained.

MDKA also noted progress in the development of the Acid Iron Metal (AIM) Plant operated by PT Merdeka Tsingshan Indonesia (MTI). The commissioning process of key components such as the Pyrite Plant and Acid Plant has been successfully completed.

Meanwhile, the commissioning of the Chloride Plant and Copper Cathode Plant is progressing smoothly, with the Chloride plant successfully producing its first copper sponge in January 2025.