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 ore reserves of 190 million tonnes containing 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 phase will use heap leach processing with a capacity of 7 million tonnes of ore per year, targeting production of around 140,000 ounces of gold annually. The next phase will include construction of a carbon-in-leach (CIL) facility with an initial capacity of 7.5 million tonnes per year, expanding to 12 million tonnes by 2030. Combined, the heap leach and CIL facilities will provide a total processing capacity of 19 million tonnes per year, with peak production potential of up to 500,000 ounces of gold annually.

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. Pani’s operations are also supported by a 30 MVA grid power supply from PLN, ensuring reliable and efficient energy for long-term operations.

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.