Merdeka Copper (MDKA) Reports 67% Progress on Pani Gold Project

Merdeka Copper (MDKA) Reports 67% Progress on Pani Gold Project

12 Aug 2025, 02:15 AM
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Merdeka Copper Gold (MDKA) Pocketed IDR 1,09 Trillion Profit in Q3 2022
Merdeka Copper Gold (MDKA) Pocketed IDR 1,09 Trillion Profit in Q3 2022
21 Dec 2022, 09:00 AM 5364

PT Merdeka Copper and Gold Tbk (MDKA) earned a net profit of USD70.3 million or equivalent to IDR 1.09 trillion in the third quarter of 2022. (Exchange Rate: IDR 15,617/USD)Quoted by The Balance Sheet Daily, where MDKA also recorded an operating profit that increased by 106.2% to USD108.4 million, from USD52.5 million on an annual basis.It is known that MDKA's net profit increased by 279.3% compared to the third quarter of 2021 which was USD18.5 million. As for MDKA's net cash and cash equivalents as of September 30, 2022, it is USD365 million.And MDKA also recorded revenue of USD626 million or equivalent to RP9.7 trillion.MDKA's revenue increased by 139.7% compared to the same period in 2021 of USD261 million.This gold mining issuer explained that the additional revenue of USD255 million from the sale of PT Merdeka Battery Materials (MBM) Nickel Pig Iron (NPI) was 15,386 tons of nickel with an average selling price of USD16,602 per ton.This revenue is the sale of BOP after the completion of the MBM acquisition on May 17, 2022.Then, there was an increase in seven Bukit gold mining revenue by 36% to USD220 million in 9 months of 2022 mainly driven by an increase in gold production, from 95,883 ounces in 9 months of 2021, to 107,168 ounces in 9 months of 2022 and an increase in the average realized gold price from USD1,795/oz in 9 months of 2021 to USD1,820/oz in 9 months of 2022.Wetar copper mining revenue also increased 49% from USD95 million in 9 months of 2021 to USD142 million in 9 months of 2022.This happened because it was driven by higher copper production from 13,388 tons in 9 months of 2021 to 15,793 tons in 9 months of 2022, with an increase in the average realized copper price of US$9,321 per ton. Meanwhile, MDKA recorded a gross profit of USD144.1 million, an increase of 95.5% compared to the same period in 2021 of USD73.7 million.As of September 30, 2022, MDKA has an undisbursed facility of US$ 269 million, namely MDKA revoving credit facility (RCF), BSI RCF, and part of MTI's term loan portion and MTI's VAT financing facility. Recently, two MDKA subsidiaries, namely PT Merdeka Battery Materials (MBM), conducted an affiliate transaction with PT Batutua Pelita Investama (BPI) with a transaction value of USD100 million.With the implementation of the transaction, MBM entered into an agreement with BPI with the total value of the transaction as much as USD100 million, with a value of USD34.98 per share.For information, MBM will become one of BPI's shareholders so that MBM can provide funding support that will be used by BPI to develop and strengthen its portfolio in its business group.This affiliate transaction is expected to have a positive impact on MDKA which in turn can create added value for the company's shareholders.Image source: FreepikSource: https://economy.okezone.com/read/2022/12/20/278/2730635/merdeka-copper-and-gold-mdka-kantongi-laba-rp1-09-triliun-di-kuartal-iii-2022?page=2

Thiess secures $230m contract extension for Indonesian coal mine
Thiess secures $230m contract extension for Indonesian coal mine
21 Dec 2022, 08:00 AM 6024

Thiess, the mining arm of Cimic Group, has received a A$345m ($230.6m) contract extension from Bayan Group to continue providing services at the Melak coal mine in East Kalimantan, Indonesia.Under the contract, which is effective from May 2023, Thiess will provide full mining services including load and haul, drill and blast, coal hauling and road maintenance, and rehabilitation at the mine.Thiess Indonesia secured a contract in October 2008 for the development and operation of the Bayan Group-owned Melak coal mine located near Melak in East Kalimantan, for a period of eight years.Thiess executive chair and CEO Michael Wright said: “Thiess has been delivering excellent outcomes for Bayan Resources at Melak since 2008. We strive to continue providing sustainable mining solutions for Bayan, building on our long, successful partnership.“This extension is a testament to our ability to deliver long-term safe and sustainable operations in Indonesia, while we continue to work on expanding our operations in other areas.”The Melak mine comprises two different mine concessions including Teguh Sinar Abadi and Firman Ketaun Perkasa.Thiess Indonesia president director Jeffrey Kounang said: “We are pleased to be extending our operations at Melak where we have delivered exceptional outcomes for the client and community for the past 14 years, continuing our relationship with Bayan Resources.”Earlier this year, Thiess made an all-cash buyout proposal of A$350m ($243.1m) for Australian mining services company MACA.Under the bid implementation deed, Thiess offered A$1.025 ($0.71) in cash to MACA’s shareholders for each share held in the company.Image source: NoName_13 from Pixabay.Source: https://www.mining-technology.com/news/thiess-contract-indonesian-coal/

Garda Tujuh Buana (GBTO) Sets Coal Target of 2.6 Million Metric Tonnes in 2023
Garda Tujuh Buana (GBTO) Sets Coal Target of 2.6 Million Metric Tonnes in 2023
19 Dec 2022, 10:00 AM 5766

PT Garda Tujuh Buana Tbk (GTBO) has set a coal production volume target of 2.6 million Metric Tons (M/T) by 2023.The total production volume will be fully exported (100%) to several destination countries with details, as much as 780 thousand M/T to China, 600 thousand M/T to Thailand, 500 thousand M/T to India, and the rest will be exported to Vietnam.Vietnam is a new country that is the destination of GTBO in expanding its export market in 2023.GTBO projects the sales value to be US$ 80 million to US$ 90 million."Next year we target coal production of 2.6 million M/T, if converted, the value is equivalent to US$ 80 million to US$ 90 million," said GTBO Director Octavianus Wenas to Kontan.co.id, Tuesday (13/12).Not quite there, GTBO also has 6 new contracts for the period January - June 2023.Octavianus said the contract is a collaboration between the company and overseas companies in terms of their business segment in coal."The cooperation will only run next year, so we can't tell you how the details are, of course, with foreign companies, because our coal production cannot be marketed domestically," he said.Octavianus further explained that the calorific value of coal produced by GTBO did not meet the value needed by the Indonesian market which was 4000 cal / gram."Why we are 100% export because the caloric value of the coal we produce is only 3000 cal/gram. This is lower than the minimum requirement limit in Indonesia which is 4000 cal/gram," he said.Previously, GTBO had new contracts from 3 buyers, with a total shipment of 1.4 million M/T coal volumes shipped to China, Thailand, and India.Image source: DOK GTBOSource: https://industri.kontan.co.id/news/garda-tujuh-buana-gbto-pasang-target-produksi-batubara-26-juta-metrik-ton-di-2023

BSML to seek 30,000 MT monthly growth in coal transport volume
BSML to seek 30,000 MT monthly growth in coal transport volume
19 Dec 2022, 09:00 AM 4949

PT Bintang Samudera Mandiri Lines Tbk (BSML) will add two to three units of vessel in 2023 to boost the volume of coal transportation up to 30,000 metric tons (MT) per month.Pramayari Hardian, Director of BSML, confirmed that the company plans to acquire more vessels, the number of which will be adjusted according to the volume of transportation contract in 2023. “All options regarding the vessel acquisition plan is currently being discussed within the management,” he revealed in the public expose treatise quoted Tuesday (13/12).According to Hardian, with theses additional vessels, the volume of coal transportation will be able to be increased by 20,000-30,000 MT per month.David Desanan Anan, President Director of BSML, claimed that the forthcoming vessels will adopt eco-green design. “In response to the latest regulation about green shipping, for our investment, we will opt for eco-green design in fuel utilisation, making the vessels consume less fuel, and thus reducing hydrocarbon emission,” he added.As of now, BSML operate 15 sets of tugs and barges, 7 of which are owned by BSML itself, while other 6 are leased sets. In 2025, the company aims to operate total 22 sets, consisting of 10 sets of its own and 12 leased sets. Image source: LK/ZHSource: https://www.idnfinancials.com/news/45387/bsml-seek-monthly-growth-coal-transport-volume

BUMI shares contribute 249 million to the net foreign volume
BUMI shares contribute 249 million to the net foreign volume
19 Dec 2022, 08:00 AM 5637

On Friday (9/12), net foreign volume was negative at 370.55 million shares, a slight improvement from the previous day. Foreigners sold a total of 1.83 billion shares, while they bought 1.46 billion. PT Bumi Resources Tbk (BUMI) had the highest net volume this time, with more than 249.04 million shares and a total foreign purchase of approximately 309.38 million.Unfortunately, other foreign share purchases were not as large as BUMI, even below 30 million shares. Foreign investors purchased 28.92 million shares of PT Erajaya Swasembada Tbk (ERAA), 19.41 million shares of PT MNC Energy Investments Tbk (IATA), approximately 18.66 million shares of PT Bank KB Bukopin Tbk (BBKP), and 15.50 million shares of PT Surya Permata Andalan Tbk (NATO). These four companies reported net volumes ranging from 14 million to 17 million shares.PT Telkom Indonesia (Persero) Tbk (TLKM) had the highest number of shares sold by foreigners, with 124.30 million shares sold. TLKM's net volume was minus 57 million, which was slightly better than PT Perdana Gapura Prima Tbk's (GPRA) minus 73.14 million. Foreign investors reportedly bought 76.04 million shares of GPRA. Additionally, even though the purchase volume was only 42.5 million shares, approximately 83.40 million shares of PT Bank Mandiri (Persero) Tbk (BMRI) were sold. Furthermore, foreign investors sold 64.80 million shares of PT GoTo Gojek Tokopedia Tbk (GOTO) and 63.16 million shares of PT Wulandari Bangun Laksana Tbk (BSBK). Image source: KDSource: https://www.idnfinancials.com/news/45376/bumi-shares-contribute-foreign-volume

MDKA spent USD100 million To Strengthen Nickel and Battery Business
MDKA spent USD100 million To Strengthen Nickel and Battery Business
16 Dec 2022, 10:00 AM 5519

Two subsidiaries of PT Merdeka Copper Gold Tbk. (MDKA), PT Merdeka Battery Materials (MBM) conducted an affiliate transaction with PT Batutua Pelita Investama (BPI) with a transaction value of US$ 100 million to strengthen the nickel business.Based on the disclosure of the company's information With the implementation of the transaction, MBM entered into an agreement with BPI with the total value of the transaction as much as US$ 100 million, with a value of US$ 34.98 per share."MBM will become one of BPI's shareholders so that MBM can provide funding support that will be used by BPI to develop and strengthen its portfolio in its business group," explained MDKA Management in an information disclosure, quoted on Tuesday (12/13/2022).Meanwhile, this affiliate transaction is expected to have a positive impact on MDKA which in turn can create added value for the Company's Shareholders.This transaction is not a material transaction as referred to in POJK 17/2020 because the transaction value does not reach 20 percent (twenty percent) of the Company's total equity based on the Company's Interim Consolidated Financial Statements for the period ended June 30, 2022 audited by Tanubrata Public Accounting Firm Sutanto Fahmi Bambang & Rekan.This transaction is an affiliate transaction with a relationship between BPI and MBM with the Company, MBM is an MDKA Controlled Company whose shares are indirectly owned by the Company of 55.26 percent.Meanwhile, BPI is a Controlled Company whose shares are owned by the Company directly or indirectly by 99.99 percent (ninety-nine point nine nine percent).In addition, there are members of the Board of Directors and Board of Commissioners of BPI and MBM who also serve as members of the Company's Board of Directors.Image source: Antara Foto/ Budi Candra Setya.Source: https://market.bisnis.com/read/20221213/192/1608015/perkuat-bisnis-nikel-dan-baterai-mdka-gelontorkan-us100-juta

United Tractors (UNTR) Earns IDR 4.27 T from Nickel
United Tractors (UNTR) Earns IDR 4.27 T from Nickel
16 Dec 2022, 10:00 AM 5248

PT United Tractors Tbk (UNTR) earned revenue of USD271.6 million or equivalent to IDR 4.27 trillion through its subsidiary PT Danusa Tambang Nusantara. The nickel segment is expected to balance the company's revenue contribution from the weak coal business.United Tractors Corporate Secretary Sara K. Loebis said nickel production is expected to be recorded in the company's financial statements in the middle of next year.UNTR recently officially expanded into the nickel business by acquiring shares of nickel mining company PT Stargate Pacific Resources (SPR) and nickel smelter company PT Stargate Mineral Asia (SMA).For your information, Danusa itself is 60 percent owned by PT United Tractors Tbk (UNTR) and 40 percent by PT Pamapersada Nusantara (PAMA), a subsidiary of UNTR.Going forward, PAMA will continue to be committed to other business developments to further strengthen its position in the Indonesian mining sector, especially in the non-coal sector.The UNTR Group also issued capital expenditure (capex) equivalent to IDR 3.38 trillion to build a nickel smelter project. The capex required is around USD220 million for the construction of the smelter within a period of 2.5-3 years.United Tractors (UNTR) in the third quarter of 2022 recorded a net revenue of IDR 91.5 trillion. An increase of 58 percent compared to the same period last year of IDR 57.82 trillion. All business units contributed to this achievement.To be precise, construction machinery is 30 percent, mining contractors are 36 percent, coal mining is 27 percent, gold mining is 6 percent, and the construction industry is 1 percent of the total consolidated net income. In detail, the coal mining business line rose 138 percent to IDR 24.36 trillion.United Tractors recorded profit after tax or net profit of IDR 15.9 trillion, up 103 percent from the same period last year of IDR 7.8 trillion. Earnings per share rose 104 percent to Rp4,283 from the same period last year of Rp2,096.Image source: United TractorSource: https://www.emitennews.com/news/united-tractors-untr-raih-pendapatan-rp427-triliun-dari-nikel

Far East Gold Hits High-Grade Gold, Silver at Woyla Project in Indonesia
Far East Gold Hits High-Grade Gold, Silver at Woyla Project in Indonesia
16 Dec 2022, 09:00 AM 6342

Bonanza grade mineralisation has been confirmed at Far East Gold’s (ASX: FEG) Woyla project in Indonesia, with preliminary assays from the first-ever drilling program at the project returning up to 78 grams per tonne gold and 631g/t silver.Far East is the first company to ever gain permission to drill Woyla and kicked-off the maiden program in September.Initial assays reveal three separate discovery holes had intercepted bonanza grade mineralisation at the Anak Perak and Rek Rinti vein systems within the project.Far East chief executive officer Shane Menere said the company was “very excited” to produce a discovery hole in three different veins from two separate systems.“This confirms our belief that Woyla has the potential to host a significant high-grade epithermal gold-silver resource.”“Our aim is to advance these discoveries to a maiden JORC resource estimate as quickly as possible,” Mr Menere added.Notable results at the Rek Rinti vein were 0.5m at 78g/t gold and 631g/t silver from 108.6m, and 1m at 59g/t gold from 192m.Other highlight Rek Rinti intercepts comprised 13m at 4.9g/t gold and 68.6g/t silver from 98m, including 7.6m at 8.1g/t gold and 113.8g/t silver from 102.4m.Over at the Anak Perak vein, better results were 10.75m at 3.2g/t gold and 10.4g/t silver from 49.35m, including 3.5m at 7.8g/t gold and 17.5g/t silver from 53.3m.Within this was a 0.3m interval grading 24.91g/t gold and 25.2g/t silver from 53.2m.Mr Menere noted the mineralised zones intercepted remained open along strike and at depth.Under the phase one drilling program, the first 17 holes of a planned 20-hole campaign were completed at the Anak Perak Main Zone, with drilling totalling 2,312.2m.Assays are pending for several of the holes completed at Anak Perak, with the remainder of the program continuing.At Rek Rinti, eight holes have been drilled for 1,218.6m, with about 1,000m left to be undertaken.Far East expects drilling will be finished by the end of the year, with results to feed into resource definition drilling.Image source: Woyla ProjectSource: https://www.marketscreener.com/quote/stock/FAR-EAST-GOLD-LIMITED-130070891/news/Far-East-Gold-Hits-High-Grade-Gold-Silver-at-Woyla-Project-in-Indonesia-42533359/

Bukit Asam Ready to Monetize 3 Billion Tons of Coal Reserves
Bukit Asam Ready to Monetize 3 Billion Tons of Coal Reserves
16 Dec 2022, 08:00 AM 5701

PT Bukit Asam (Persero) Tbk (PTBA) has unmonetized coal reserves of 3 billion tons with a production rate of 35 million tons per year. However, the company is faced with an industry trend towards a transition to new and renewable energy (NRE). How does PTBA respond to these challenges?VP of Downstream Development of PT Bukit Asam Tbk Setiadi Wicaksono said that in the context of the energy transition trend and its relation to the coal industry, the company observed four main factors.First, the cyclical factors of the global economy that will drive new demand for coal relatively come from developing countries in the long term. Second, the direction of net zero emissions (NZE) which will trigger the demand for coal commodities to decline.Meanwhile, the next factor is the energy revolution which makes the portion of NRE in the future more significant, which has a direct impact on the decline in coal. The last factor is about ESG.According to Setiadi, the current ESG factor is very important considering that it deals with funding where global creditors have avoided types of investments that are not environmentally friendly.Facing industry challenges and the company's target of monetizing coal reserves of 3 billion tons, PTBA also prepared a long-term plan consisting of four pillars. The first pillar relates to the coal business, while the other three pillars concern the company's efforts towards an energy transition.Setiadi explained, in the first pillar, Bukit Asam will increase capacity in line with the large amount of coal reserves that have not been monetized at the company's sites. "So, if we look at 2060, it is already the out phase of NZE, while our reserves are still a lot. So, like it or not, we have to increase production capacity," he said at the E2S Outlook for the ESDM Sector 2023 & E2S Awards 2022, Tuesday (12/13/2022).For this reason, PTBA targets an increase in coal transportation capacity in Tanjung Enim to double capacity in 2027.The second pillar, focus on the energy transition. This member of the Mining Industry SOE Holding admitted that he had begun to penetrate into the renewable energy segment. One of them is by building solar power plants on the company's post-mining lands."Regarding the energy pillar, we are also developing several projects. First, the post-mining solar power plants in several sites if we total the area and potential megawatts can reach 630 megawatts are in the feasibility study phase and we must convey it to PLN, hopefully there can be a good response from PLN," setiadi explained.Furthermore, the company is also developing the Mine Mouth Power Plant-Sumsel 8, whose progress has now reached 97% and is expected to be able to operate commercially (commercial operation date / (COD) next year. Meanwhile, for rooftop solar power plants, we synergize with AP II at Soekarno-Hatta Airport, as well as toll road solar power plants through synergy with PT Jasa Marga Tbk.The third pillar is the question of chemistry, especially with regard to coal-to-DME as an alternative to LPG as campaigned by the government. Setiadi ensured that the company is currently continuing the process of getting there by building an industrial center based on downstream energy. He also hopes that through this project Bukit Asam can contribute to reducing LPG import subsidies, which are quite fantastic in value.As for the last pillar of carbon management, Setiadi said that the company also decarbonizes mining through the use of electric-based mining vehicles.This also proves that the company strives to contribute to capturing carbon emissions and reducing carbon emissions. This includes implementing an e-mining reporting system so that it contributes to the efficiency of fuel consumption up to 10.8 million liters."From these initiatives, our estimated concentration for fuel consumption reaches 10.8 million liters per year. This is a high enough value for gasoline savings and will automatically provide efficiency in terms of cost," concluded Setiadi.Image source: Beritasatu.comSource: https://www.beritasatu.com/ekonomi/1008545/bukit-asam-siap-monetisasi-3-miliar-ton-cadangan-batu-bara/?view=all&utm_source=beritasatu.com&utm_medium=article&utm_campaign=Baca-Selengkapnya

Govt Separates Inalum from MIND ID to Focus on Smelter Projects
Govt Separates Inalum from MIND ID to Focus on Smelter Projects
15 Dec 2022, 10:00 AM 5803

Mining Industry Indonesia (MIND ID) as a State-Owned Enterprise (BUMN) Mining Industry Holding (HIP) is optimistic that the reorganization between MIND ID and PT Indonesia Asahan Aluminium (Persero) (INALUM) will accelerate the downstream program in the national mining industry sector.With the acceleration of the downstream program, the state's commitment to increasing the added value of mining commodities will be realized.This optimism emerged after the Government of Indonesia issued Government Regulation (PP) Number 45 of 2022 and PP Number 46 of 2022 as a step of government blessing in the reorganization of MIND ID.MIND ID Corporate Secretary Heri Yusuf said that the reorganization with the support of the Government of Indonesia will improve performance, both for MIND ID, INALUM, and other holding members.With the improvement of performance, he hopes that MIND ID's grand vision to provide benefits to all stakeholders can be more easily realized."With this reorganization, MIND ID continues its role as a Strategic Holding company for the Mining Industry," said Heri in a written statement received by Kompas.com, Wednesday (12/14/2022)The role in question is to increase the effectiveness of the implementation of various strategic activities that focus on efficiency.Then, creating added value from the products of MIND ID group members, as well as improving risk management management, to monitoring the operational activities of MIND ID members."It is hoped that MIND ID will be better and more sustainable in making a more optimal contribution to all stakeholders," heri explained.Karyawan PT Indonesia Asahan Aluminium (Persero) (INALUM).The Indonesian government issued PP Number 45 of 2022 and PP Number 46 of 2022 on December 8, 2022.The two government regulations are one of the inseparable parts of the series of HIP formation processes, which have so far had the MIND ID brand identity and legally become one with INALUM.The PP is also the result of the collaboration of shareholders obtained through the Ministry of State-Owned Enterprises (Ministry of SOEs), Ministry of Finance (Kemenkeu), and Ministry of State Secretariat.Furthermore, the two pp became the basis for the formation of a new SOE that functioned to become the home of MIND ID. Mainly, in carrying out MIND ID's function as a Strategic Holding Company in the Indonesian mining industry sector.With these two pp, INALUM will remain part of MIND ID, such as PT Bukit Asam Tbk (PTBA), PT Aneka Tambang (ANTAM) Tbk, and PT Timah Tbk (TINS).INALUM will focus on the operation of smelters or aluminum smelters, as well as the downstream development of the aluminum value chain.Heri explained, INALUM itself will focus on operations and production, as well as development.With this role, he said, it is expected to accelerate several strategic projects from INALUM which aim to increase the added value of the national aluminum commodity."INALUM after the reorganization will focus on managing the aluminum smelting plant and aluminum production integrated from upstream to downstream," said Heri.With the support of MIND ID Group, he continued, INALUM will continue its growth strategy on the aluminum value chainAfter the issuance of the two PP, Heri explained, the reorganization process will proceed to several stages.The stage includes the General Meeting of Shareholders (GMS) of the Ministry of SOEs as a shareholder of INALUM, the transfer of assets and liabilities related to the HIP function to a new entity (MIND ID), as well as good and structured coordination with stakeholders.The stakeholders in question, such as the Ministry of Finance, the Ministry of Law and Human Rights, the Ministry of Energy and Mineral Resources, and other Government Institutions.During the reorganization process, said Heri, the implementation of the MIND ID function and also the operation of the aluminum smelter attached to INALUM will currently continue as before."The entire process will be subject to applicable laws and regulations including the Limited Liability Company Law (UU)," said Heri.Until the new HIP entity (MIND ID) was formed, he continued, the HIP function would still be carried out by INALUM. The HIP function will switch from INALUM to MIND ID when the series of holding formation processes are completed.Image source: Humas MIND IDSource: https://nasional.kompas.com/read/2022/12/14/18165021/reorganisasi-mind-idinalum-direstui-pemerintah-ri-mind-id-fokus-kembangkan

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