The Pani Gold Mine is one of PT Merdeka Copper Gold Tbk’s key assets, with large-scale gold production potential and a multi-decade mine life. With Gold Ore Reserves of 190.3 million tonnes containing  approximately 4.8 million ounces of gold, Pani is set to become one of Indonesia’s largest primary gold mines.

The project is designed as an open-pit operation and is being developed in phases.  The initial development phase of the Pani Gold Mine will use the heap leach method with an increased starting capacity of 8 million tonnes of ore per year (up from the original plan of 7 million tonnes), with further studies underway to expand this to 10 million tonnes per year after 2026.

In the next phase, MGR has reconfigured the development plan to construct a carbon-in-leach (CIL) facility with a direct starting capacity of 12 million tonnes per year commencing in 2028 (significantly increased from the initial design of 7.5 million tonnes). Combined, the heap leach and CIL facilities will process approximately 20–22 million tonnes annually, with peak gold production potential of up to 500,000 ounces per year. First gold production remains on track for Q1 2026.

Located in Hulawa Village, Pohuwato Regency, Gorontalo Province, Sulawesi Island, the mine is managed by Merdeka’s subsidiary PT Merdeka Gold Resources Tbk (MGR), which is listed on the Indonesia Stock Exchange under the ticker EMAS. Following the commencement of operations on 1 October 2025, the mine is expected to pour its first gold in the first quarter of 2026.

Drawing on its proven experience operating the Tujuh Bukit Gold Mine in Banyuwangi, East Java, Merdeka is committed to unlocking the potential of Mount Pani—a historic gold-producing region since the 19th century—into a modern gold mine that delivers lasting value for Gorontalo and Indonesia.