MDKA – Invests IDR4 tn in various projects

MDKA – Invests IDR4 tn in various projects Merdeka Copper Gold (MDKA) invested a total of USD261.5 mn or approximately IDR4.05 tn throughout 1H23. This investment was allocated for several projects, including the Seven Hills Copper Project (USD24 mn), mining transportation road improvements (USD77.5 mn), AIM Project (USD117 mn), and the Pani Gold Project (USD43 mn). The company reported progress in the Seven Hills Copper Project, with a pre-feasibility study completed in May 2023, indicating significant potential for this underground mining project. MDKA also identified new mineralization near existing operations in the Pani Gold Mine and planned further drilling. Additionally, investments were made in road improvements to enhance transportation between Sulawesi Cahaya Mineral (SCM) and the Indonesia Morowali Industrial Park (IMIP), with ore transportation commencing in August 2023. MDKA has allocated funds for the Acid, Iron, Metal (AIM) Project, aiming to produce its first acid in 4Q23. Lastly, feasibility studies are ongoing for the Pani Gold Project, with positive results expected in 4Q23. (Source : Investor Daily)