PT Merdeka Gold Resources Tbk Officially Launches IPO to Support Pani Gold Project in Gorontalo
Tue 16 Sep 2025, 04:48 AM
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PT Merdeka Gold Resources Tbk (MGR), a subsidiary of PT Merdeka Copper Gold Tbk (IDX: MDKA), has officially entered the capital market with the launch of its Initial Public Offering (IPO).
The company has secured in-principle approvals from the Indonesia Stock Exchange (IDX) and the Financial Services Authority (OJK) and issued its Brief Prospectus on Monday (September 8, 2025).
In this IPO, MGR is offering up to 1.62 billion ordinary shares, equivalent to 10% of the issued and fully paid-up capital after the IPO. The offering is estimated to raise approximately IDR 4.88 trillion.
The bookbuilding period runs from September 8–10, 2025, the public offering will take place on September 17–19, and the shares are scheduled to be listed on September 23, 2025.
Three underwriters have been appointed for the offering: Indo Premier Sekuritas, Trimegah Sekuritas Indonesia Tbk, and Sinarmas Sekuritas.
Net proceeds from the IPO, after deducting issuance costs, will be used to support working capital for MGR’s subsidiaries engaged in gold ore mining and processing, as well as to repay part of the company’s borrowings.
MGR President Director Boyke Poerbaya Abidin emphasized that the IPO aligns with the company’s long-term strategy. The Pani Gold Project has an estimated resource potential of 7 million ounces of gold and is designed as a long-life, low-cost mine.
“With sustainable mining practices and consistent ESG implementation, we are confident this project will create value for shareholders while driving economic development in Gorontalo and across Indonesia,” he said.
The Pani Gold Project is targeted to become one of the largest primary gold mines in the country. In the initial phase, a heap leach facility with a capacity of 7 million tonnes of gold ore per year is expected to commence operations in December 2025, reaching peak production of 140,000–150,000 ounces of gold per year during 2026–2030.
Subsequently, a Carbon-in-Leach (CIL) facility will be developed in stages from 2029–2032 with a capacity of 12 million tonnes per year, producing up to 355,000 ounces of gold annually.
As of June 2025, construction of the heap leach facility had reached 67% completion and remains on schedule to begin initial production in the first quarter of 2026. Funding requirements for this initial phase have also been fully secured.
At full operation, the Pani Gold Project is projected to achieve peak production of 500,000 ounces of gold per year, making it a new growth engine for MDKA’s performance and an important contributor to Indonesia’s gold industry.
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