Gold miner, PT Merdeka Copper Gold Tbk (MDKA) upsize the production target from 180,000 ounces (oz) to 200,000 ounces and and copper 21,000 tons in this year. The reasoned, this year’ target has realized in nine months (9M) of 2019. The rising of production had a positive impact on the company’ financial performance. In 9M of 2019, the company’ revenues rose 50% to US$324 million from last year US$216 million. While, the net profit jumped 24.6% from US$53.11million to US$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.
