Mempawah Smelter Accelerated: Danantara Targets Completion by 2028

Mempawah Smelter Accelerated: Danantara Targets Completion by 2028

07 Feb 2026, 02:40 AM
MEJA Accelerates Coal Production Target to 1.5 Million Tons
MEJA Accelerates Coal Production Target to 1.5 Million Tons
09 Feb 2026, 02:43 AM
PT Anugrah Energi Kalimantan Supports Mine Electrification for Green Energy Transition
PT Anugrah Energi Kalimantan Supports Mine Electrification f...
09 Feb 2026, 03:02 AM
Prabowo Invites Australia to Invest in Nickel-to-Gold Downstreaming
Prabowo Invites Australia to Invest in Nickel-to-Gold Downst...
06 Feb 2026, 03:05 AM
Adhi Kartiko (NICE) Secures Rp100 Billion Loan from Bank UOB Indonesia
Adhi Kartiko (NICE) Secures Rp100 Billion Loan from Bank UOB...
09 Feb 2026, 03:08 AM
Indonesia Still Dominates Nickel Market Despite Price Plunge in 2025
Indonesia Still Dominates Nickel Market Despite Price Plunge in 2025
17 Feb 2025, 08:38 AM 11598

Indonesia continues to be a major player in the global nickel industry despite a significant drop in commodity prices over the past two years. The country has maintained high production levels while facing challenges from environmental regulations and global market uncertainty.According to data from S&P Global, the price of nickel in 2025 reached USD 15,078 per metric ton, the lowest point since 2020. Throughout 2024, the average price was USD 15,328 per metric ton, down 7.7% from the previous year. The main factors driving this decline include the strengthening of the US dollar, US-China trade tensions, and a global supply surplus.As the world's largest nickel producer, Indonesia continues to increase its production. Data from the Indonesian Nickel Miners Association (APNI) indicates that national production is projected to reach 298.5 million wet metric tons in 2025, up from 272 million metric tons the previous year. This increase in production is contributing to the global supply surplus, which is expected to reach 156,000 metric tons this year.Despite the ongoing price decline, some Indonesian nickel producers remain optimistic about long-term demand, particularly from the electric vehicle (EV) industry. However, the industry's reliance on the Chinese market remains a key concern. Chinese companies currently control about 75% of nickel refining capacity in Indonesia, which increases the risk of supply chain instability.Additionally, tightening environmental protection policies are beginning to impact Indonesia's nickel industry. The government is considering implementing stricter regulations for companies that fail to meet sustainability standards. Some producers are even reportedly planning to import nickel ore from the Philippines to comply with the new regulations.Meanwhile, the economic impact of the US-China trade war is affecting nickel demand. The additional 10% tariff announced in January 2025 could pressure the nickel-based industrial sector, especially in China and other countries dependent on Indonesian nickel exports.On the other hand, while the nickel market faces short-term pressure, long-term projections still show potential for recovery. Market analysis suggests that the compound annual growth rate (CAGR) of nickel demand is expected to reach 5.1% through 2035, higher than the 4.6% growth in supply.With these projections, a supply deficit is expected to occur by 2030, potentially driving nickel prices higher in the future. This presents an opportunity for Indonesia to maintain its market leadership and encourage further investment in the nickel downstream industry.Nevertheless, Indonesia's nickel industry still faces significant challenges in balancing high production, stringent environmental regulations, and global geopolitical dynamics. The government and industry players need to find sustainable strategies to ensure price stability and long-term growth, as reported by Saptakee in an article on carboncredits.com.

Integrated Downstreaming the Future of Indonesia's Mineral Industry
Integrated Downstreaming the Future of Indonesia's Mineral Industry
16 Feb 2025, 08:40 AM 3731

In an effort to strengthen Indonesia's economic sovereignty and create added value for mineral and coal commodities, the state-owned mining holding company, MIND ID, continues to reinforce its commitment to becoming a driver of integrated downstream processing.Various strategic project initiatives have been launched to ensure that mineral resource management is conducted from upstream to downstream domestically, thereby creating a better supply chain.Heri Yusuf, Corporate Secretary of MIND ID, stated that MIND ID, through all its members, consistently carries out integrated downstream projects.It is hoped that Indonesia will benefit from each value-added process and become more sovereign in the global arena."By implementing integrated downstream programs, we strive to make a bigger impact on Indonesia's economy and further strengthen Indonesia's position in the global supply chain," said Heri on Saturday (16/2).Heri explained that one of the downstream projects undertaken by the MIND ID Group is the Smelter Grade Alumina Refinery (SGAR) in Mempawah, West Kalimantan, managed by PT Borneo Alumina Indonesia (BAI), a joint venture of MIND ID Group members, PT Indonesia Asahan Aluminium and PT Aneka Tambang Tbk.This project has an output capacity of 1 million tons of alumina per year for INALUM's aluminum production needs, which was previously sourced from the global market.In addition, the MIND ID Group, through PT Freeport Indonesia, has built a copper smelter and is developing a Precious Metal Refinery (PMR) in Gresik, East Java. This project plays an important role in integrating the copper processing supply chain, from copper ore and copper concentrate to finally becoming copper cathodes.Through this smelter, the MIND ID Group will also be able to process anode sludge into gold, silver bars, and other Platinum Group Metals (PGM) to meet the investment commodity needs of the Indonesian people.The commitment to implementing integrated downstream processing is also realized in the development of a nickel project in East Halmahera, which includes the construction of a Rotary Kiln-Electric Furnace (RKEF) smelter to produce nickel as well as a High-Pressure Acid Leach (HPAL) facility for electric vehicle battery raw materials. Both facilities not only strengthen Indonesia's position in the global electric vehicle industry but also create higher-tech and higher-value-added products domestically."Of course, we will continue to strengthen integration in every supply chain of managed mineral and coal commodities, so that we can contribute to improving economic performance and achieving 8% growth going forward," said Heri.

Indonesia in Talks with UAE to Develop Aluminium Industry
Indonesia in Talks with UAE to Develop Aluminium Industry
16 Feb 2025, 08:30 AM 3515

The Indonesian government is in talks with UAE’s Emirate Global Aluminium to develop its aluminium industry, as the Southeast Asian nation seeks to utilize its vast reserves of minerals.Indonesia has rich deposits of minerals like copper and bauxite — the main source of aluminium — and is the world’s largest source of nickel. Its government has been working to attract foreign investment to help develop its mineral processing industry.In a meeting with EGA CEO Abdulnasser Ibrahim Saif bin Kalban, Coordinating Minister for Economy Affairs Airlangga Hartarto discussed ways to move forward plans for the Dubai-based company to help aluminium production in Indonesia.“We need to make sure that cooperation in the aluminium sector will have a significant impact on the Indonesian economy, especially for jobs creation,” he said in a statement issued on Saturday.Hartarto was at the World Governments Summit in Dubai, where he also held talks with other UAE officials and business leaders.EGA and state-owned Indonesia Asahan Aluminium, or Inalum, have signed several strategic partnership agreements in the last few years, aimed at boosting Indonesia’s aluminium production capacity. This includes increasing that of Inalum’s North Sumatra smelter by up to 400,000 tons a year.The Emirati company, one of the world’s largest aluminium producers, also said it was planning to explore alternative sources of renewable energy in Indonesia to support its aluminium production plans.“With our capabilities and the advanced technology that we use, along with the natural resources potential in Indonesia — we will be able to produce the best alumina in high quantities,” Abdulnasser was quoted as saying.But Indonesia still needs to work out low-carbon options to generate enough electricity for green aluminium production, according to the Coordinating Ministry for Economic Affairs.Green aluminium, or low-carbon aluminium, is a sustainable metal produced using methods powered by renewable energy sources, essentially reducing the carbon footprint.

MIND ID Consistently Implements Integrated Downstreaming
MIND ID Consistently Implements Integrated Downstreaming
15 Feb 2025, 08:36 AM 3397

MIND ID continues to reaffirm its commitment to becoming a driving force for integrated downstreaming.This effort aims to strengthen Indonesia's economic sovereignty and create added value for mineral and coal commodities. MIND ID's Corporate Secretary, Heri Yusuf, revealed that several strategic project initiatives have been launched to ensure that mineral resource management is conducted from upstream to downstream within the country, thereby creating a better supply chain.Heri Yusuf further explained that the company, through all its members, consistently carries out integrated downstreaming projects.It is hoped that Indonesia will benefit from each process of value-added enhancement and become more sovereign on the global stage."Through the implementation of integrated downstreaming programs, we aim to make a greater impact on Indonesia's economy and further strengthen Indonesia's position in the global supply chain," Heri stated in his remarks on Sunday (February 16, 2025).Heri explained that one of the downstreaming projects being carried out by the MIND ID Group is the Smelter Grade Alumina Refinery (SGAR) in Mempawah, West Kalimantan, managed by PT Borneo Alumina Indonesia (BAI), a joint venture company of MIND ID Group Members, PT Indonesia Asahan Aluminium and PT Aneka Tambang Tbk.This project has an output capacity of 1 million tons of alumina per year for the production needs of aluminium at INALUM, which was previously sourced from the global market.In addition, the MIND ID Group, through PT Freeport Indonesia, has built a copper smelter and will develop a Precious Metal Refinery (PMR) in Gresik, East Java.This project plays an important role in the integration of the copper processing supply chain, starting from copper ore, copper concentrate, and ultimately producing copper cathodes.Through this smelter, the MIND ID Group will also be able to process anode slime into gold, silver bullion, and other Platinum Group Metals (PGMs) to meet the investment commodity needs of the Indonesian people.The commitment to integrated downstreaming is also manifested in the development of a nickel project in East Halmahera, which includes the construction of a Rotary Kiln-Electric Furnace (RKEF) smelter to produce nickel and a High-Pressure Acid Leach (HPAL) facility for electric vehicle battery raw materials.These two facilities not only strengthen Indonesia's position in the global electric vehicle industry but also create higher value-added, technology-driven products within the country."Of course, we will continue to strengthen integration in every supply chain of mineral and coal commodities that we manage, so that it can contribute to improving economic performance to achieve 8% growth in the future," Heri concluded.

Merdeka Copper Gold Reports Solid Operational Performance in Q4 2024
Merdeka Copper Gold Reports Solid Operational Performance in Q4 2024
13 Feb 2025, 08:39 AM 7076

PT Merdeka Copper Gold Tbk reported strong operational progress for the quarter, specifically as of December 31, 2024, marked by high production growth, cost efficiency, and strategic advancements. Merdeka's gold and copper mining operations closed the year with strong results.The Tujuh Bukit Gold Mine produced 35,824 ounces of gold during the quarter, with a cash cost of USD 975/oz, an all-in sustaining cost (AISC) of USD 1,260/oz, and an average sales price (ASP) of USD 2,672/oz.During the same period, 29,056 ounces of gold were sold, generating unaudited revenue of USD 83.4 million, including USD 6 million from by-product silver revenue. The Wetar Copper-Pyrite Mine produced 3,419 tons of copper during the quarter, with a cash cost of USD 1.63/lb, AISC of USD 2.83/lb, and ASP of USD 4.18/lb. During this period, 3,101 tons of copper were sold, generating unaudited revenue of USD 28.6 million.Gold production for FY2024 reached 115,867 ounces, in line with the guidance set, with a total cash cost of USD 1,017/oz, an all-in sustaining cost (AISC) of USD 1,337/oz, and an average sales price (ASP) of USD 2,371/oz.Copper production for FY2024 reached 13,902 tons, which is within the guidance range of 13,500 to 14,000 tons. Additionally, the Wetar Copper-Pyrite Mine exceeded its cash cost and AISC guidance for FY2024, with a cash cost of USD 2.63/lb and an AISC of USD 3.58/lb.For FY2025, Merdeka has set production guidance of between 100,000 and 110,000 ounces of gold and between 11,000 and 13,000 tons of copper.PT Merdeka Battery Materials Tbk (IDX: MBMA) recorded strong performance in nickel operations, primarily driven by the SCM (Sulawesi Cahaya Mineral) Mine. In this quarter, the SCM Mine set a production record of 3.4 million wet metric tons (wmt) of limonite and 3.0 million wmt of saprolite, reflecting a year-over-year (YoY) increase of 110% and 108%, respectively.During the same period, 2.01 million wet metric tons (wmt) of saprolite ore were delivered to MBMA's RKEF smelter, while 4.1 million wmt of limonite ore was sold to PT Huayue Nickel Cobalt, generating unaudited revenue of USD 73.2 million, with an average sales price (ASP) of USD 17.9/wmt.MBMA's refining facilities produced a total of 30,716 tons of nickel products, including 18,823 tons of nickel in nickel pig iron (NPI) and 11,893 tons of nickel in high-grade nickel matte (HGNM), generating unaudited revenues of USD 223.8 million and USD 158.8 million, respectively, with ASPs of USD 11,887/ton and USD 13,229/ton.Looking ahead, MBMA's sales guidance for FY2025 projects the delivery of 6.0 to 7.0 million wet metric tons (wmt) of saprolite ore and the sale of 12.5 to 15.0 million wmt of limonite ore. Additionally, nickel sales are expected to range between 80,000 and 87,000 tons of nickel in NPI (Nickel Pig Iron) and between 50,000 and 55,000 tons of nickel in HGNM (High-Grade Nickel Matte).The profitability of the HGNM plant is being closely monitored. If the expected profit margins are not met, MBMA may consider temporarily halting production at the plant and resuming once market prices improve. Merdeka continues to advance its growing projects, with construction activities at the Pani Gold Project reaching 33% completion by the end of the quarter.The project is scheduled to begin operations by the end of 2025, with the first gold production expected in early 2026. Meanwhile, the development of the Tujuh Bukit Copper Project continues, including surface resource drilling, exploration of potential open-pit mining targets near the surface, and technical studies.Merdeka is actively optimizing this project and plans to release an updated pre-feasibility study in the second quarter of 2025. The study will include estimates of significantly larger ore reserves and a higher underground mining production rate using the sub-level caving (SLC) method, with a throughput of 6 million tons per annum (Mtpa).Commissioning activities at the AIM (Acid, Iron, Metal) Plant are progressing well. The pyrite plant is fully operational, and the acid plant has been running since April 2024. In this quarter, the acid plant recorded its highest production, producing 164,985 tons of acid and 225,036 tons of steam. The construction of the chloride metal plant has been completed, and the commissioning process is currently underway.The copper cathode plant is in the final stages of construction, with partial commissioning starting this quarter. In December 2024, PT ESG New Energy Material (PT ESG) successfully produced its first batch of MHP (Mixed Hydroxide Precipitate), marking a significant milestone in MBMA's strategy for downstream battery material production."Gold, copper, and nickel operations at Merdeka are in line with our production guidance, generating unaudited quarterly and FY2024 revenues of USD 575.8 million and USD 2.2 billion, respectively, reflecting a year-over-year (YoY) increase of 7% and 31%. We continue to develop world-class projects, including the Pani Gold Project, which will become one of the largest primary gold mines in Indonesia, as well as the Tujuh Bukit Copper Project, one of the largest untapped copper deposits in the world. At MBMA, the commissioning of two HPAL facilities will further strengthen our position as a leader in the battery and electric vehicle value chain," said Albert Saputro, President Director of PT Merdeka Copper Gold Tbk.In terms of sustainability, Merdeka demonstrates its commitment to ESG (Environmental, Social, and Governance) principles by maintaining an A rating from MSCI (Morgan Stanley Capital International), making it the only Indonesian mining company to achieve an A rating in the MSCI Diversified Metals and Mining category.Additionally, Merdeka has received various awards for its Sustainability Report and ongoing sustainability practices, including the Silver Rank in the Asia Sustainability Report Rating (ASRRAT) 2024, an A+ rating in the "Sustainability Report Study of Public Companies in Indonesia 2023" organized by FIHRRST in collaboration with the Belgian Government, and the Sapphire rank in the Sustainable Business Integrity Index 2024 organized by Transparency International Indonesia (TII) and Tempo Data Science."Merdeka's strategic investments are expected to significantly improve our performance, especially with the commencement of operations at the two MBMA HPAL facilities and the commissioning of the Pani Gold Project by the end of 2025. Our world-class assets and proven commitment to sustainability, as well as ESG principles, further strengthen Merdeka Group's position as a leading mining company in Indonesia," concluded Albert.

Coal Exporters Brace for New Pricing Rule as Indonesia Moves to Enforce HBA
Coal Exporters Brace for New Pricing Rule as Indonesia Moves to Enforce HBA
12 Feb 2025, 08:34 AM 6362

The Energy and Mineral Resources Ministry is set to mandate the use of the country’s benchmark coal price (HBA) in export transactions, a move welcomed by the Indonesian Energy, Mineral, and Coal Suppliers Association (Aspebindo). The association also urged the government to establish a green coal price index, Indonesia Green Coal Index (IGCI), to reflect sustainability factors in pricing.Aspebindo Deputy Chairman Fathul Nugroho said adopting HBA as the reference price for exports would enhance Indonesia’s control over its coal pricing in the global market.“Using HBA will better reflect rising mining costs, including increasing stripping ratios, land acquisition expenses, and fuel prices,” Fathul said on Wednesday.Currently, coal exporters refer to the Indonesia Coal Index (ICI) in pricing transactions, while royalty payments are based on the government-issued HBA. The proposed policy would require international sales to align with HBA, reducing discrepancies between royalty payments and actual sales prices.Fathul added that HBA pricing remains competitive with ICI, minimizing risks for exporters. However, he suggested updating the HBA weekly instead of monthly to align with fluctuating production costs and global coal prices.In addition to endorsing the mandatory use of HBA, Aspebindo urged the government to introduce the Indonesia Green Coal Index (IGCI), incorporating sustainability factors such as carbon taxes into the pricing model.“A green benchmark price would account for royalties, carbon taxes, and average FOB prices of major mining companies. This would encourage environmentally responsible coal mining while ensuring the industry’s long-term sustainability,” Fathul added.Export Growth Amid Price DeclinesIndonesia’s coal export volume rose 5.67 percent year-on-year (YoY) in October 2024 to 51.6 million tons, driven by increased winter demand in the Northern Hemisphere. However, the total export value dropped 2.08 percent year on year to USD 3.29 billion due to declining global coal prices amid higher supply.China emerged as the largest driver of Indonesia’s coal export growth, with shipments surging 41.45 percent year on year in October 2024 to 26.42 million tons. The spike was fueled by increased power demand ahead of winter and heightened safety inspections at Chinese mines following a rise in coal mining accidents.Bank Mandiri’s economic research team expects Indonesia’s coal export growth to slow in 2024 due to rising global supply and efforts by major importers like China and India to curb imports. Nevertheless, global coal prices are projected to remain elevated in the coming years, supporting Indonesia’s coal industry.The average coal price for 2024 is forecast to decline to $117 per ton before slightly easing to USD 110 per ton in 2025.

PT Darma Henwa, Tbk and PT Antareja Mahada Makmur Agree to Convert Debt to Shares
PT Darma Henwa, Tbk and PT Antareja Mahada Makmur Agree to Convert Debt to Shares
11 Feb 2025, 08:35 AM 5145

PT Darma Henwa Tbk (DEWA) has agreed to sign a Debt Settlement Agreement with PT Antareja Mahada Makmur (AMM) on Monday (10/2/2025). This agreement outlines the settlement of the Company's debt amounting to IDR 296,622,745,000 to AMM through debt conversion into shares.The debt conversion into shares will be carried out through the mechanism of a Capital Increase Without Preemptive Rights (PMTHMETD). 'Under this Debt Settlement Agreement, the Company will convert its debt to AMM amounting to IDR 296,622,745,000 into 3,954,823,266 Series B common shares at a conversion price of IDR 75 per share,' said DEWA Director, Ahmad Hilyadi, in a public disclosure to the Indonesia Stock Exchange (IDX) in Jakarta, Tuesday (11/2/2025).AMM has no affiliation with the Company. Ahmad emphasized that this event will not impact the operational activities, legal matters, or business continuity of the Company. 'The impact on the financial condition will only occur after the debt conversion to AMM into the Company’s shares is completed through the PMTHMETD mechanism, which will subsequently improve the Company’s financial position.'

Harum Energy (HRUM) Relies on Coal and Nickel Business Segments to Boost Performance
Harum Energy (HRUM) Relies on Coal and Nickel Business Segments to Boost Performance
09 Feb 2025, 03:50 PM 5573

PT Harum Energy Tbk (HRUM) is optimistic about achieving positive performance by relying on its coal and nickel business lines in 2025.HRUM Corporate Secretary Renny Soependi stated that market conditions will influence performance this year. Specifically, the coal sector is expected to remain strong and stable, similar to 2024. This is reflected in the projected coal price index, which is expected to average USD 120 per ton."As a player in the coal and nickel sectors, the company will continue to grow with a revenue mix that will increasingly lean towards nickel in the future," said Renny to Kontan, quoted on Sunday (9/2).Renny explained that in 2024, 57% of consolidated revenue was contributed by the nickel business. For this year, HRUM projects that EBITDA will grow in line with the development of its nickel business.Meanwhile, HRUM management ensures it will maintain the performance of its coal business by focusing on the development of existing assets and effective cost management.Renny stated that for this year, the company targets coal production of approximately 5.4 million tons, in accordance with the Work Plan and Budget (RKAB)."For our nickel business, we will continue to improve operational efficiency across all ongoing projects, including increasing production from PT Position (POS) mine," Renny explained.Renny continued, stating that the company is also pushing forward with the high-pressure acid leaching project at PT Blue Sparking Energy (BSE). This project is reported to have reached over 50% completion. As a result, the project is expected to start contributing to the company's performance by the end of this year or early next year."The company (also) targets an increase in nickel production driven by the operation of the second smelter operated by PT Westrong Metal Industry (WMI)," Renny explained.

PT Timah (TINS) Aims for Net Profit of Up to IDR 1.5 Trillion by 2025
PT Timah (TINS) Aims for Net Profit of Up to IDR 1.5 Trillion by 2025
09 Feb 2025, 03:49 PM 6662

PT Timah Tbk. (TINS) is targeting a net profit of between IDR 1 trillion and IDR 1.5 trillion this year. This bottom-line projection is supported by a revenue target of IDR 12 trillion to IDR 13 trillion for 2025. TINS Corporate Secretary, Rendi Kurniawan, said that this year’s target is driven by an increase in tin resources and reserves, as well as the opening of new mines. "Performance improvements and the restructuring of the company’s subsidiaries and efficiencies across all business lines," said Rendi when contacted on Saturday (8/2/2025). Rendi explained that there will be an increase in the production capacity of tin ore and tin metal sales by about 10% to 20% this year, compared to the performance realization in 2024.On the other hand, he confirmed that the demand for tin metal this year is relatively strengthening. Citing data from the London Metal Exchange (LME) as of February 7, 2025, the price of tin for the three-month contract closed at USD 31.309 per ton. Meanwhile, by July 2025, the price of tin closed at USD 31,201 per ton. "The tin market is currently in a positive outlook," he said. Previously, TINS confirmed that it would distribute dividends for the 2024 fiscal year. This decision was made after the company successfully recorded a significant net profit of IDR 908.78 billion from January to September 2024. Furthermore, TINS management estimates that the dividend payout ratio (DPR) for the 2024 fiscal year will be in the range of 30% to 35%. With this consideration, Sucor Sekuritas has a positive outlook on the movement of TINS's stock and performance this year. Sucor recommends a buy with a target price of IDR 1,740 per share, assuming a weighted average cost of capital (WACC) of 13.6%. "We view the tin industry optimistically, driven by its strategic role in supporting the computing, robotics, electric vehicle, and renewable energy sectors," wrote Sucor Sekuritas Analyst Jeremy Hansen N.H in his research, quoted on Saturday (8/2/2025).Sucor Sekuritas predicts that the demand for tin will double from its current levels, reaching nearly 800,000 tons by 2040. However, supply is expected to be limited, with an annual deficit of about 2.5% due to the scarcity of new mining projects globally."Moreover, with production limited in Indonesia, this will keep the average tin selling price around USD 28.000 to USD 35.000 per ton, which will benefit producers like TINS,"wrote Jeremy.On the other hand, Sucor projects that TINS will be able to post a net profit of IDR 1.14 trillion, generating a 16% return on equity. Jeremy explained that the key driver of TINS's return on equity comes from higher net margins with cash costs around USD 18,000, 18% lower on an annual basis. "We forecast net profits for 2025 will range from Rp1.37 trillion to Rp1.43 trillion, driven by production growth, clearer regulations, and average selling price (ASP) increases," he said.

Merdeka Copper (MDKA) Targets Gold Production of 110.000 Ounces This Year
Merdeka Copper (MDKA) Targets Gold Production of 110.000 Ounces This Year
08 Feb 2025, 03:48 PM 6430

PT Merdeka Copper Gold Tbk. (MDKA) has set relatively moderate gold and copper production guidance for this year. Meanwhile, MDKA has set copper production guidance at 11.000 tons to 13.000 tons. MDKA's President Director, Albert Saputro, stated that the company is aiming for the commissioning of the Pani Gold Project by the end of this year, as well as the development of unprocessed copper deposits from the Tujuh Bukit Copper Project."The operations of gold, copper, and nickel at Merdeka are in line with our production guidance, generating unaudited quarterly and full-year revenues for 2024 of USD 575.8 million and USD 2.2 billion, respectively,’ said Albert in a written statement, quoted on Saturday (8/2/2025). According to the management report, MDKA's gold production throughout 2024 reached 115,867 ounces, with a total cash cost of USD 1.101,7 per ounce, AISC of USD 1.337 per ounce, and an average selling price of USD 2.371 per ounce.Meanwhile, copper production throughout 2024 reached 13.902 tons, within the guidance range of 13.500 tons to 14.000 tons.Additionally, the Wetar Copper-Pyrite Mine exceeded the cash cost guidance for 2024, with a cost of USD 2.63 per lb and an AISC of USD 3.58 per lb. "Merdeka's strategic investments are expected to significantly improve our performance, especially with the commencement of operations at the two MBMA HPAL facilities and the commissioning of the Pani Gold Project by the end of 2025," said Albert.As reported earlier, MDKA incurred a loss of USD 67.02 million or around Rp1.03 trillion (assuming an exchange rate of IDR 15.384 per US dollar) for the period from January to September 2024. According to the company's financial report released on Wednesday (18/12/2024), the loss position of the gold and copper mining company widened from the same period last year, which stood at USD 23.77 million.  MDKA recorded operating revenue of US$1.66 billion or around IDR 25.65 trillion. This figure surged 42.5% from the revenue collected by MDKA in the same period last year, which was USD 1.17 billion or around IDR 18 trillion.

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