On Wednesday, October 1, 2025, PT Merdeka Gold Resources Tbk (MGR) officially commenced its first mining activities at the Pani Gold Mine. First mining marks the initial stage of mining operations, starting with overburden stripping and the extraction of the first ore.
“First mining is an important milestone for MGR, its shareholders, and all stakeholders,” said Boyke P. Abidin, President Director of MGR. “It marks the start of mining activities, which will soon be followed by heap leach processing, gold recovery, and first production.”
The commencement of first mining took place shortly after MGR followed in the footsteps of its parent company, PT Merdeka Copper Gold Tbk (IDX: MDKA), by being listed on the Indonesia Stock Exchange on September 23, 2025. Under the ticker symbol EMAS, MGR successfully raised IDR 4.66 trillion to support mine development.
Located in Hulawa Village, Pohuwato Regency, Gorontalo Province, the Pani Gold Mine contains over 7 million ounces of gold with a multi-decade mine life. Managed by several MGR subsidiaries overseeing mining operations, processing facilities, and supporting infrastructure, the mine is designed as an open-pit mine to be developed in stages.
In the initial stage, MGR will apply heap leach processing with a capacity of 7 million tonnes of ore per year, targeting annual production of around 140,000 ounces of gold. In the next stage, the company will build a carbon-in-leach (CIL) processing facility with an initial capacity of 7.5 million tonnes of ore per year, which will be expanded to 12 million tonnes of ore by 2030.
When both facilities are operating at full capacity, the combined heap leach and CIL throughput will reach 19 million tonnes of ore per year, with peak production potential of up to 500,000 ounces of gold annually. First gold production from heap leach is expected in the first quarter of 2026.
In the long term, the Pani Gold Mine is projected to become an economic driver in Pohuwato Regency and Gorontalo Province. Boyke emphasized that the project will deliver broad benefits, including job creation, new business opportunities, and increased regional revenue.
“We are committed to operating responsibly, adhering to Good Mining Practices and high Environmental, Social, and Governance (ESG) standards, so that the benefits can be sustained over time,” Boyke said.
With first mining underway, the next steps—ore stacking and processing—will lead to first gold production next year. The journey of the Pani Gold Mine has officially begun, opening a new chapter for MGR to become one of the largest primary gold mines in Indonesia and providing positive benefits to the surrounding community.
