Merdeka Copper Gold Announces Q3 2024 Results

Thursday, 21 Nov 2024

By putri@insightinnews.com Merdeka Copper Gold Tbk (MDKA), a mining business group, has reported significant performance and achievements for the third quarter of 2024. The company stated that its gold production in Q3 2024 reached 30,522 ounces, with an average selling price of $2,406 per ounce. The total gold production for the year so far is 80,043 ounces, aligning with the 2024 target of 100,000 to 120,000 ounces. In terms of copper sales, the Wetar Copper Mine, managed by MDKA's subsidiaries PT Batutua Kharisma Permai and PT Batutua Tembaga Raya, produced 3,811 tons, with an average selling price of $4.26 per pound. By the end of Q3, total copper production reached 10,483 tons. For nickel, the Sulawesi Cahaya Mineral (SCM) mine achieved record production of 3.70 million wet metric tons of limonite and 1.04 million wmt of saprolite, reflecting increases of 106% and 142%, respectively, compared to Q2 2024. As of Q3 2024, limonite production totaled 6.69 million wmt and saprolite reached 1.93 million wmt, in line with the 2024 targets. In the nickel processing facilities, total production reached 33,536 tons, which includes 20,557 tons of nickel pig iron (NPI) and low-grade nickel matte (LGNM), along with 12,979 tons of high-grade nickel matte (HGNM). Year-to-date (YTD) NPI production stands at 63,339 tons, with a target of 80,000-85,000 tons for 2024, and 38,422 tons of LGNM, aiming for 50,000-55,000 tons this year. In the third quarter of 2024, the HPAL project by PT ESG is progressing rapidly, with construction completion at 85%, on track for commissioning by the end of 2024. Additionally, the HPAL project by PT Meiming is set to begin commissioning in October 2024, with operations expected to start in mid-2025. For ongoing projects, the Pani Gold Project has 19% of its construction completed, with commissioning planned for late 2025 and first production targeted for early 2026. The AIM plant construction in the Morowali Industrial Park (IMIP) in Central Sulawesi is ongoing, and the copper cathode plant is in its final stages. Financially, Merdeka reported revenues of $574.9 million for this quarter, totaling $1,670.7 million year-to-date (YTD). In funding dedicated to the Pani Gold Project, Merdeka's subsidiary, PT Pani Bersama Jaya (PT PBJ), secured $175 million. Tom Malik, Head of Corporate Communications at PT Merdeka Copper Gold Tbk, expressed optimism about meeting revenue and production targets for gold, copper, and nickel this year. PT Merdeka Copper Gold Tbk has made significant progress and is committed to growth through increased production, facility expansion, and the development of strategic projects. The year 2024 is crucial as the company aims to start operations for major projects HPAL and AIM, building on a strong foundation in the nickel sector, which has become a key contributor to its business portfolio, said Tom.

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