MDKA – Speeding up the work on the Pani gold mine project

MDKA – Speeding up the work on the Pani gold mine project Merdeka Copper Gold (MDKA) is speeding up the work on the Pani gold mine project in Gorontalo and expects it to start operating in 2025. MDKA via its subsidiaries; Puncak Emas Tani Sejahtera and Gorontalo Sejahtera Mining, are managing the Pani gold mine. MDKA expects the gold mine to produce around 450,000 ounces of gold or 19 mn tons of gold ore per year. The mine will also be one of the largest primary gold mines in Indonesia with an estimated mineral resource content of 6.7 mn ounces of gold. To work on this project, MDKA has invested around USD 101 mn in 2023. The Pani gold mine project is expected to generate revenue of USD11.4 bn and EBITDA of USD7.4 bn in the first 10 years. The mine will have an AISC with an average of $872 per ounce, which helps the project to be more efficient and low-cost. MDKA also continues to do exploration at the Tujuh Bukit mine in Banyuwangi. Note that, MDKA targets gold production of 100,000-120,000 ounces and copper production of 14,000-16,000 tons in 2024. (Source : Kontan)