Merdeka Copper Gold

What Merdeka Copper Gold does

PT Merdeka Copper Gold Tbk is an Indonesian mining holding company that produces gold, silver, copper, and nickel through a portfolio of wholly-owned and majority-owned subsidiaries operating across the country. Its core assets include the Pani Gold Mine in Gorontalo (containing over 7 million ounces of gold resources with an estimated 15-year mine life and peak annual production potential of 500,000 ounces), the Tujuh Bukit Gold Mine in East Java, the Wetar Copper Mine in Maluku, the Tujuh Bukit Copper Project (in development), and the Merdeka Battery Materials nickel operations in Southeast Sulawesi. Ore is processed using heap leach and carbon-in-leach (CIL) technologies, with CIL capacity at Pani targeted to expand from 7.5 Mtpa to 12 Mtpa by 2030. The company employs 5,001-10,000 people and operates from a Jakarta headquarters at Treasury Tower in the SCBD district.

Name

Merdeka Copper Gold

Legal name

PT Merdeka Copper Gold Tbk

Website

https://merdekacoppergold.com

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

PT Merdeka Copper Gold is an Indonesian mining holding company producing gold, silver, copper, and nickel through subsidiaries including Pani Gold Mine, Tujuh Bukit, and Wetar Copper Mine, supplying commodity buyers such as ANTAM and downstream battery/EV manufacturers.

Ownership category

akta.pro rank

Product category

Precious Metals and Base Metals Mining

NAICS

Gold Ore and Silver Ore Mining (212220), Copper, Nickel, Lead, and Zinc Mining (212230)

SIC

Gold And Silver Ores (1040), Metal Mining (1000), Primary Smelting & Refining Of Nonferrous Metals (3330)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industries

Precious Metals Ore Processing & Beneficiation (IMAKAEAD), Battery & Critical Minerals Trading (Lithium, Cobalt, Graphite, Manganese, Rare Earths) (IMAKAJAE)

Keywords

• Gold mining operations
• Copper mining
• Nickel processing
• Battery materials
• Precious metals extraction

Headquarters

HQ city

Setiabudi

HQ country

Indonesia

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Infrastructure, Supply Chain, Personnel, Technology or R&D

Revenue model

1. Gold Mining and Sales: Extraction and sale of gold produced from mining operations including Pani Gold Mine, Tujuh Bukit Gold Mine, and future production. Gold sales agreements with buyers including ANTAM.
2. Silver Mining and Sales: Extraction and sale of silver as a byproduct of gold mining operations
3. Copper Mining and Sales: Extraction and sale of copper from operations including Tujuh Bukit Copper Project and Wetar Copper Mine
4. Nickel and Battery Materials: Extraction and processing of nickel ore and production of downstream battery materials through Merdeka Battery Materials subsidiary for renewable energy and EV supply chains

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

PT Merdeka Copper Gold Tbk is an Indonesian mining holding company that extracts and sells gold, silver, copper, and nickel (battery materials) from multiple operating mines and projects across Indonesia. The portfolio includes the Pani Gold Mine (Gorontalo), Tujuh Bukit Gold Mine (East Java), Wetar Copper Mine (Maluku), Tujuh Bukit Copper Project, and Merdeka Battery Materials (Southeast Sulawesi). Products are sold to industrial buyers, gold traders (including ANTAM), and battery/EV supply chain manufacturers.

Product overview

PT Merdeka Copper Gold Tbk is an Indonesian mining holding company with operations across multiple subsidiaries. The company produces gold, silver, copper, and nickel minerals through five main mining operations: the Pani Gold Mine (Gorontalo), Tujuh Bukit Gold Mine (East Java), Wetar Copper Mine (Maluku), Tujuh Bukit Copper Project (East Java), and Merdeka Battery Materials (Southeast Sulawesi). The portfolio includes operating mines and development projects, with the Pani Gold Mine being the flagship project containing over 7 million ounces of gold resources.

Differentiator

Problem solved

Functional benefit

Brands

• Suasa Magazine: Merdeka company magazine reporting on mining activities, employee activities, and socio-cultural progress in surrounding communities. Has won two awards from Indonesian Press Company Association.

Products and services

• Pani Gold Mine Large-scale open-pit gold mining operation in Pohuwato Regency, Gorontalo, Indonesia, operated by PT Merdeka Gold Resources Tbk (MGR/EMAS). Utilizes heap leach and carbon-in-leach (CIL) processing with combined capacity scaling to 19 million tonnes of ore per year. Contains over 7 million ounces of gold resources with peak annual production potential of 500,000 ounces and approximately 15-year estimated mine life.
• Tujuh Bukit Gold Mine Operating gold mine located in Banyuwangi, East Java, Indonesia, using heap leach processing method. Managed by wholly-owned subsidiary PT Bumi Suksesindo (BSI). Provides ongoing gold production for Merdeka's portfolio.
• Wetar Copper Mine Copper mining operation located on Wetar Island, Maluku Barat Daya, Indonesia. Managed by wholly-owned subsidiary PT Batutua Tembaga Raya (BTR) and PT Batutua Konawe Utara. Produces copper cathode and copper concentrate for downstream industrial buyers.
• Tujuh Bukit Copper Project World-class copper and gold underground mine development project located in Banyuwangi, East Java, Indonesia. Positions Merdeka for long-term copper and gold production from a large-scale underground resource.
• Merdeka Battery Materials Nickel mining and processing operations in Routa, Konawe, Southeast Sulawesi, including the Merdeka Tsingshan Indonesia (MTI) HPAL (High Pressure Acid Leach) facility in Morowali Industrial Park, Central Sulawesi. Produces nickel ore and downstream battery materials for renewable energy and electric vehicle supply chains.

Quantifiable outcome

• First gold production achieved February 2026
• +2 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• ANTAM (Aneka Tambang)coreStrategic or Co-development Partner · 5 February 2026Gold sales and purchase agreement signed between MDKA, EMAS, and ANTAM for the sale of gold produced from Merdeka's mining operations.
• PLN (Perusahaan Listrik Negara)coreStrategic or Co-development Partner · 1 October 2025State electricity firm providing 30 million VA dedicated power supply for Pani Gold Mine operations through power purchase agreement signed in 2023. Electricity flows from Marisa Substation to mine operations including camp, ore processing plants (OPP and ADR).
• PT Energy Management Indonesia (EMI)coreStrategic or Co-development Partner · 1 October 2025PLN subsidiary providing renewable energy certificates (REC) for Pani Gold Mine. Green electricity sourced from Bakaru Hydroelectric Plant (PLTA) in Pinrang, South Sulawesi.
• Faculty of Medicine, Universitas Indonesia (FK-UI)coreStrategic or Co-development Partner · 28 November 2024Partnership for Merdeka Social Health and Baseline Assessment (Merdeka SH-BA) program addressing social and health challenges within mining operations. Builds on M-CARE program focusing on preventing drug abuse, HIV/AIDS, and tuberculosis.
• Gorontalo Province GovernmentminorStrategic or Co-development PartnerGovernment partnership for Pani Gold Project operations including school renovations, community development programs, and local workforce training.

Scale indicators16 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Harmony Gold Mining: South African gold major with global operations. Broader incumbent peer for senior emerging-market gold producer benchmarking — relevant for assessing long-life gold mine economics, cost discipline, and dividend/capital allocation frameworks relative to Merdeka's Pani and Tujuh Bukit assets.
• Eramet: French mining and metallurgical group with major nickel operations in New Caledonia and Indonesia (Weda Bay). Broad incumbent for integrated nickel mining-to-battery materials strategy overlapping with Merdeka Battery Materials and MTI HPAL positioning.
• Newmont Corporation: World's largest gold miner with diversified global operations including significant gold and copper exposure. Broad incumbent peer for benchmarking capital intensity, ESG standards, and long-life gold mine economics against Merdeka's Pani and Tujuh Bukit assets.
• Barrick Gold: Global gold major with Tier-1 long-life assets and meaningful copper byproduction. Broad incumbent benchmark for senior gold-copper producer valuation, dividend capacity, and project pipeline management in the same peer set as Merdeka's gold-copper strategy.

Direct peers

• PT Vale Indonesia: Indonesian nickel laterite miner and HPAL operator in Sulawesi. Closest direct peer for Merdeka's nickel and battery materials strategy via MTI, competing in the same Indonesian HPAL ecosystem and serving similar EV/battery customers.
• ANTAM (Aneka Tambang): Indonesia's state-owned diversified miner producing gold, nickel, and bauxite. Directly comparable as fellow Indonesian gold/nickel producer and Merdeka's offtake counterparty — operates in the same regulatory environment and competes for capital and resources domestically.
• PT Freeport Indonesia (Freeport-McMoRan): Operates the Grasberg copper-gold mine in Papua, Indonesia — the country's largest copper-gold operation. Direct comparator for Indonesian copper-gold mining exposure, mine scale, and downstream processing approaches.

Emerging players

• CNGR Advanced Material: Chinese integrated nickel and battery materials processor with expanding Indonesian footprint via partnerships. Emerging peer in the nickel-to-cathode materials chain, increasingly relevant as a competing processor for the same EV supply chain Merdeka Battery Materials targets.

Regional players

• Nickel Asia Corporation: Philippines' largest nickel producer mining laterite ore for export and intermediate processing. Regional peer with comparable nickel ore business and exposure to Asian battery supply chains, though operating in a different jurisdiction.
• PT Bukit Asam: Indonesian state-owned diversified miner producing coal and other minerals. Regional Indonesian peer providing domestic capital markets and regulatory comparison, though commodity mix differs from Merdeka's precious/base metals focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks2 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/pt-merdeka-copper-gold-tbk

Compliance15 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Merdeka Copper Gold