PT Merdeka Copper Gold Tbk (IDX: MDKA) has obtained permission from the shareholders to conduct stock split with a ratio 1: 5, the management told reporters yesterday (09/26). Currently, total shares of the company around 14.33 billion shares - Photo: Privacy

JAKARTA (TheInsiderStories) – Indonesian miner, PT Merdeka Copper Gold Tbk (IDX: MDKA) has obtained permission from the shareholders to conduct stock split with a ratio 1: 5, the management told reporters yesterday (09/26). Currently, total shares of the company around 14.33 billion shares.

President Director of the company, Tri Boewono, said the stock split program aimed to boost the number of stocks and to adds retail investor numbers.

Merdeka Copper prepared capital expenditure US$160 million in this year to optimize the operations and exploration of Tujuh Bukit gold and silver mining project in Banyuwangi, East Java, copper mining project in Wetar Island, West Maluku, and gold mining projects in Gorontalo, Central Kalimantan.

The miner plans to increase production of the oxide layer at the Seven Bukit mines from 4 million tons to 8 million tons of ore per annum. The completion of all expansion activities at the site its targeting this year.

Beside, Merdeka Cooper also develope Lerokis Pit, the second open pit mine in the Wetar Copper Project and is scheduled to start commercial production in 2019. At the end of 2018, the company acquired 68.93 percent of Pani mining project.

In the first semester of 2019, Tujuh Bukit mine has produced 110,544 ounces (oz) of gold and 156,473 oz of silver. its other unit, PT Batuta Tembaga Raya, which operates a copper mining project in West Maluku, has produce 9,033 tons of copper.

As a result the company pocketed revenues $191.77 million, up 67 percent compared last year. While net profit rose 32 percent from$33.76 million to $44.56 million.

This year, Merdeka Copper targeting to produce around 200,000 oz of gold and copper 21,000 tons.

Merdeka Copper has mining business license of 4,998 hectares and 6,623 hectares. According to a study conducted by the company, the existing mines could be exploited up to 25 years with the estimates potential ore reserves of 1.9 billion tons.

Based on the company data, the shareholders of Merdeka Copper are PT Saratoga Investama Sedaya Tbk (IDX: SRTG) 20,76 percent, PT Mitra Daya Mustika 14.16 percent, Garibaldi Thohir 8.76 percent, PT Suwarna Arta Mandiri 7.04 percent, Regency of Banyuwangi 5.50 percent, and public 43.78 percent.

Written by Staff Editor, Email: theinsiderstories@gmail.com