Jakarta, TAMBANG, – Another national gold producer that started production this year is PT Merdeka Gold Resources Tbk (EMAS). Along with the completion of a number of main processing facilities and mining infrastructure, in February 2026, the Pani Gold Mine will carry out its first gold production. The company has also signed a Gold Sales & Purchase Agreement (GSPA) with PT Aneka Tambang (Persero) Tbk (ANTM).
The Pani gold mine located in Pohuwato Regency, Gorontalo Province is the company’s main gold project. Throughout 2025, the Company will focus on completing the construction of the Pani Gold Mine.
In the audited consolidated financial report for the year ending 31 December 2025, the company explained the company’s focus on developing Pani assets. Throughout 2025 the Company completed the project construction phase, so net profit still recorded a negative position.
Then on February 27 2026, the Company realized its first gold delivery to PT Aneka Tambang Tbk (ANTM), so that the Company will record its first sales in the first quarter of 2026.
Also supported by conducive gold price conditions and a competitive production cost structure, the Company estimates that its financial performance will turn towards profitability in the 2026 financial year.
For 2026, the Company targets gold production of 100-115 thousand ounces. “The start of gold production at Pani marks an important transition for the Company from the development stage to more stable and scalable commercial production. Our current focus is to ensure the ramp-up process runs well so that the Pani Gold Mine can reach optimal production levels,” said President Director of EMAS, Boyke Poerbaya Abidin.
Boyke also explained that the construction of this project will start in 2022 until the first gold production will be in February this year. The start of this initial production also provides a foundation for the Company’s operational growth in the future.
“The Pani project has a large gold resource base and long-term mine life potential. With the start of production, we are entering a new phase that is expected to strengthen operational and financial performance to create long-term value for shareholders,” he added.
In the project development process, the Company previously obtained financing support from the parent company, PT Merdeka Copper Gold Tbk (IDX: MDKA). This allows project development to be carried out efficiently before the Company carries out its initial public offering of shares.
As stated in the Prospectus, after the IPO, the Company adjusted its capital structure as part of more optimal balance sheet management.
For your information, the Pani Gold Mine has estimated mineral resources of more than 7 million ounces of gold. The mine is designed as an open pit mining operation method Heap leach. Potential for gradual increase in processing capacity as facilities are developed Carbon-in-Leach which is planned to start production in 2028.
Source: tambang.co.id
