Tuesday, April 16, 2024

Merdeka Copper Gold reports increase in indicated resources at Tembaga Tujuh Bukit

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PT Merdeka Copper Gold (MDKA) has recorded a significant increase in indicated resources of 755 million tons at the Tembaga Tujuh Bukit Project located in Banyuwangi, East Java. This figure marks an increase of over 300 million tons or 71 percent from the previously recorded indicated resources of 442 million tons.

The total mineral resource content (indicated and inferred) of this project has risen from 1.706 billion to 1.738 billion tons, with copper content at 0.47 percent and gold at 0.5 grams/ton. 

This increase in mineral resource amounts converts indicated mineral resources from 2.7 million tons of copper to 4.5 million tons and from 9.4 million ounces of gold to 16.1 million ounces.

Consequently, the total mineral resources of the Tembaga Tujuh Bukit Project, which originally contained 8.1 million tons of copper and 27.4 million ounces of gold, now contain 8.2 million tons of copper and 27.9 million ounces of gold.

Merdeka Copper Gold’s General Manager, Tom Malik, said that the significant increase in resources at the Tembaga Tujuh Bukit Project is evidence of the strong commitment to transform business units from ongoing projects and operations. Specifically, towards prestigious world-class mining projects with long mine lives.

In addition to the resource findings, Merdeka Copper Gold is also conducting extensive exploration processes around its licensed operations to continually discover other potential mineral resources efficiently and effectively.

“At present, Merdeka is focused on optimizing performance and commencing the preparation of a more reliable bankable feasibility study. This optimization includes metallurgical development to increase metal recovery from ore and improve the quality of mined ore,” Tom said on March 28, 2024.

The Tembaga Tujuh Bukit Project is one of the largest copper projects in the world still in the pre-production phase. Merdeka holds a 100 percent stake in the project located under the Tambang Emas Tujuh Bukit, Banyuwangi, East Java, operated by its subsidiary, PT Bumi Suksesindo.

Since 2018, Merdeka has invested US$ 176 million (IDR 2,8 trillion) in detailed feasibility studies, including exploration along 1,890 meters, drilling to define resources, geological modeling, technical studies, and a completed Pre-feasibility study (PFS) in May 2023.

The PFS confirms high economic benefits for the development of this underground mine, which is long-term and significant globally with a phased approach.

At its peak production, the Tembaga Tujuh Bukit Project will process 24 million tons of ore per year to produce over 112 thousand tons of copper and 366 thousand ounces of gold annually for more than 30 years.

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