JAKARTA – PT Merdeka Copper Gold Tbk. (MDKA) has officially announced the Initial Public Offering (IPO) of its subsidiary, PT Merdeka Gold Resources Tbk. (EMAS), also known as MGR. MGR is the esteemed manager of the Pani Gold Project, located in Gorontalo, Indonesia, a venture poised to become a significant player in the nation’s mining sector.
In preparation for its highly anticipated IPO, MDKA has secured the necessary regulatory approvals. This includes an in-principle approval from the Indonesia Stock Exchange (IDX) and publication clearance from the Financial Services Authority (OJK), paving the way for the crucial bookbuilding phase of the offering.
The IPO will see MGR offering a maximum of 1,618,023,300 ordinary shares to the public. This substantial offering aims to raise an impressive total value of up to IDR 4.886 trillion, representing up to 10% of MGR’s issued and fully paid capital following the IPO.
Related: EMAS IPO Commences, MDKA Targets Production Surge to 500,000 Ounces
The bookbuilding period is scheduled from September 8–10, 2025. Following this, the public offering is expected to take place between September 17–19, 2025, with the official listing of MGR shares on the IDX slated for September 23, 2025. This timeline marks a significant milestone for the company and potential investors alike.
Guiding MGR through this momentous public listing are the appointed lead underwriters: PT Indo Premier Sekuritas, PT Trimegah Sekuritas Indonesia Tbk, and PT Sinarmas Sekuritas. Their expertise will be instrumental in the successful execution of the IPO.
The capital raised from the IPO, after deducting issuance costs, will be strategically deployed. A significant portion will bolster the working capital for MGR’s subsidiaries, supporting their ongoing operations in gold ore mining and processing. Additionally, funds will be allocated towards the partial repayment of MGR’s existing loans, strengthening the company’s financial position.
Boyke Poerbaya Abidin, Chief of External Affairs at PT Merdeka Copper Gold Tbk (MDKA), highlighted the immense potential of the Pani Gold Project. He stated that the project boasts a resource potential of up to 7 million ounces of gold and is strategically designed as a long-life, low-cost mining operation.
“With the backing of sustainable mining technology and consistent ESG practices, we are optimistic that the Pani Gold Project will deliver long-term value, not only for our shareholders but also for the economic development of the communities in Pohuwato Regency, Gorontalo Province, and Indonesia as a whole,” Abidin remarked in an official statement on Monday, September 8, 2025.
Related: Conglomerate Lineup Behind EMAS IPO, MDKA’s Merdeka Gold Subsidiary
Elaborating further, Boyke detailed that the Pani Gold Project is engineered as a multi-decade mine, with a projected processing capacity of up to 19 million tons of gold ore annually. This robust capacity underscores the project’s long-term vision and scale.
The project’s initial phase will involve the operation of a heap leach facility with a capacity of 7 million tons of gold ore per year, scheduled to commence operations in December 2025. This facility is expected to achieve peak production of approximately 140,000–150,000 ounces of gold per year during the period of 2026 to 2030, laying a strong foundation for future growth.
Following this, a Carbon-in-Leach (CIL) facility will be developed in stages from 2029 to 2032. This advanced facility will expand processing capacity to up to 12 million tons of gold ore per year, targeting a maximum production of 355,000 ounces of gold annually, significantly boosting the project’s output.
As of June 2025, construction of the heap leach facility has advanced significantly, reaching 67% completion and remaining firmly on track to achieve its first gold production in the first quarter of 2026. All funding requirements for the development of this initial facility have been fully met, ensuring smooth progress.
Upon reaching full operational capacity, the Pani Gold Project is poised to achieve a peak production of up to 500,000 ounces of gold. This ambitious target will solidify its position as one of the largest primary gold mines in Indonesia and is expected to be a key catalyst for MDKA’s future performance growth.
“We are confident that the success of the Pani Gold Project will be realized thanks to the proven experience and expertise of the MDKA Group in developing and managing large-scale gold mines,” Abidin added, reinforcing the company’s strong track record.
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Summary
PT Merdeka Copper Gold Tbk. (MDKA) has announced the Initial Public Offering (IPO) of its subsidiary, PT Merdeka Gold Resources Tbk. (MGR), which manages the Pani Gold Project in Gorontalo, Indonesia. MGR plans to offer a maximum of 1,618,023,300 shares to the public, aiming to raise up to IDR 4.886 trillion. The bookbuilding period is from September 8-10, 2025, with the shares expected to be listed on the Indonesia Stock Exchange (IDX) on September 23, 2025. The capital raised will be used for MGR’s subsidiaries’ working capital and to partially repay existing loans.
The Pani Gold Project holds a resource potential of up to 7 million ounces of gold, designed as a long-life, low-cost mining operation. Its initial heap leach facility, 67% complete as of June 2025, is scheduled to start operations in December 2025 and is projected to reach 140,000–150,000 ounces of gold per year by 2026-2030. A subsequent Carbon-in-Leach facility will expand capacity, aiming for a peak production of up to 500,000 ounces of gold annually. This target will solidify the project’s position as one of Indonesia’s largest primary gold mines and a key driver for MDKA’s future growth.