Gold mining company PT Merdeka Copper Gold (MDKA) has reported significant progress of the Pani gold project located in Gorontalo Province, which is projected to be the largest primary gold mine in Indonesia.

MDKA, established in 2012, is an Indonesian mining holding company engaged in exploring and producing gold, silver, copper and nickel. Its key assets include Tujuh Bukit Gold Mine in Banyuwangi, East Java; Wetar Copper Mine in Maluku; and Pani Gold Project.

President Director of Merdeka Copper, Albert Saputro, said that the Pani gold project has recorded significant progress, with construction progress reaching 33 percent by the end of 2024.

According to him, the first gold pouring is targeted for early 2026, with peak production capacity projected to reach around 500,000 ounces of gold per year.

"This project is projected to become one of the largest primary gold mines in Indonesia," Albert said on Wednesday, April 9, 2025.

He revealed that the Tujuh Bukit Copper (TB Copper) project has recorded positive developments. The Indicated Resource Estimate has been updated and shows a significant increase compared to the previous estimate.

MDKA also plans to release a new pre-feasibility study in the second quarter of 2025 that will include improved profit projections and plans to increase production capacity.

There is also the development of the Acid Iron Metal (AIM) Plant by PT Merdeka Tsingshan Indonesia (MTI) which has shown progress, with trials for the Pyrite Plant and Acid Plant having been completed.

Meanwhile, the Chloride Plant and Copper Cathode Plant are also undergoing trial stages. The Chloride Plant successfully produced the first Copper sponge in January 2025.

On the financial side, MDKA posted revenues reaching US$2.23 billion (Rp37.93 trillion) in 2024. Revenue increased 31 percent year-on-year (YoY) from previous achievement of US$1.7 billion (Rp28.91 trillion) in 2023.

Merdeka recorded positive growth supported by nickel operations through its subsidiary, PT Merdeka Battery Materials (MBMA), which was driven by a significant surge in production at the PT Sulawesi Cahaya Mineral (SCM) Mine.

Limonite production jumped 150 percent annually to 10.1 million wet metric tons (wmt), while saprolite production increased 110 percent to 4.9 million wmt last year. MBMA's smelter performance also showed an increase.

Nickel pig iron (NPi) production reached 82,161 tons or increased by 26 percent compared to the previous year, while high-grade nickel matte (HGNM) production increased by 66 percent to 50,315 tons compared to the achievement in 2023.

However, MDKA recorded a net loss of US$55.76 million (Rp944.66 billion) in 2024. This figure is up from the previous year's loss of US$20.65 million (Rp349.96 billion) in 2023.

"Merdeka remains steadfast in its commitment to achieving sustainable and profitable growth. With various important achievements that will be in 2025 and the following years," Albert said.