Merdeka Copper Gold (IDX: MDKA) is an emerging Indonesia copper and gold producer, based in Jakarta and listed on the Indonesian Stock Exchange. Merdeka controls holding company PT Bumi Suksesindo (BSI) which operates the Tujuh Bukit Mine located in Banyuwangi Regency, East Java Province, Indonesia. Tujuh Bukit is comprised of a large undeveloped porphyry copper deposit that underlies a series of epithermal oxide gold/silver rich deposits.

A 4mtpa oxide heap leach operation was commissioned in Q1 2017. This mine is expected to produce approximately one million ounces of gold plus a significant amount of silver over its 9 year projected mine life. Costs are expected to be first quartile due to low stripping ratio’s, (~!0.6:1) and good recoveries (~80%) from relatively coarse (75mm) heap leaching. The mine ramped up during Q2 2017 producing 25,063 ounces of gold at an all in sustaining cost (AISC) of $505 USD per ounce.

In Q3 2017 the mine achieved nameplate production rates and performed very strongly. The Q3 report will be available before IMARC. Guidance for full year 2017 production is 100-110 thousand ounces of gold at an AISC of $550-$650 USD per ounce.

Plans & Developemnts: 

During 2017 Merdeka Copper Gold has also undertaken a prefeasibility study into the expansion of the oxide project from 4mtpa to greater than 6mtpa. This study also contemplates expanding the heap leach capacity that currently constrains the ore reserve to 36 million tonnes to up to 50 million tonnes total capacity. The results of this study are expected to be available in Q4 2017.

The company has also revisited an earlier scoping study into the development of a mass underground mine to exploit the higher grade zones contained within the shallower parts of the porphyry. The results of this new scoping study are also expected to be available in Q4 2017. Additionally an exploration decline has been designed and an underground mining contract to develop this decline has been tendered. The intended purpose of this decline is to access and assess underground rock mass conditions and to the support resource development drilling and other data acquisition required to complete a prefeasibility study. It is expected this process will take 3 years to complete and require an investment of approximately $50M USD. Pre-works and permitting for the decline are well advanced,

Merdeka Copper Gold is also a party to an off market takeover offer by Eastern Field Developments Limited to acquire all the shares in ASX listed copper producer Finders Resources Limited who operate the Wetar Copper Mine located in Maluku Province in Eastern Indonesia. This offer was announced on Oct 6, 2017. For more information please visit

Stock Exchange Listing: IDX:MDKA

Market Cap: $620M USD

Stage of Production: Production

Board of Directors/ Management/ Major Shareholders:

Merdeka’s key shareholders include Provident Capital, Saratoga, Pak Garibaldi Thohir and The Regency of Banyuwangi. For details of the company’s commissioners and directors please visit

Key management includes Colin Moorhead Vice President Director & CEO, David Fowler Finance Director, James Francis GM Tujuh Bukit Operations and Peter Scanlon GM Projects & Studies

Why invest?

Merdeka is uniquely positioned as an Indonesian company with strong sponsors and shareholders, a management team with a demonstrated track record of success in exploration, development and operations and a potential tier one asset in Tujuh Bukit. The company is expected to generate strong cash flow in the short to medium term from its oxide operations at Tujuh Bukit and offers significant optionality on copper in the medium to longer term. Merdeka is also well positioned to grow through acquisition of other deposits in the mineral rich Indonesia archipelago.

Merdeka Copper Gold will be presenting their mining projects to prospective investors at Mines and Money Asia. Claim your complimentary investor pass now.