PT Merdeka Copper Gold Tbk (IDX: MDKA) upsize the production target from 180,000 ounces (oz) to 200,000 ounces in this year - Photo by the Company

JAKARTA (TheInsiderStories) – Indonesian gold miner, PT Merdeka Copper Gold Tbk (IDX: MDKA) upsize the production target from 180,000 ounces (oz) to 200,000 ounces and and copper 21,000 tons in this year, said the spokesman today (11/15). The reasoned, this year’ target has realized in nine months (9M) of 2019.

According to Adi Adriansyah Sjoekri, the rising of production had a positive impact on the company’ financial performance. In 9M of 2019, the company’ revenues rose 50 percent to US$324million from last year $216 million. While, the net profit jumped 24.6 percent from $53.11million to $66.19 million.

To lift up the capacity production, Merdeka Copper prepared capital expenditure $160 million and has spent around $40 million 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.

Beside, the miner also developed 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.

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.

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 tonnes.

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.

in 2017, together with its holding, the company has take over assets of Australian copper miner Finders Resources Ltd’s (ASX: FND) in Indonesia, for an estimated value of US$177 million. Finders runs Wetar copper and Ojolali gold-silver projects in Indonesia.

The Ojolali project is located in Lampung Province, near the southern tip of Sumatra, as part of the highly-productive Sumatran Gold Belt, which includes Martarbe, Lebong Donok, Lebong Tandai, Pongkor, and Way Linggo deposits.

Wetar Copper Project is located far away, on the north-central coast of Wetar Island, of the Maluku Barat Daya Regency, Maluku Province. Finders holds a 95 percent stake in Wetar Copper in Maluku Province, engaged in a high-quality copper mine concession with JORC-compliant resources of 200,000 tons of copper (as of 2013).

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