Official Announcement! Indonesia Launches Large-Scale Gold Mine Mining

According to a report on the Nikkei website on October 2, PT Merdeka Gold Resources, a major gold and copper mining operator in Indonesia, announced that it has commenced large-scale gold mining operations in northern Sulawesi. The company stated that the gold reserves of this mine are approximately 200 tons, making it one of the largest gold mines in the country. Due to persistently high gold prices, domestic gold investment demand in Indonesia is increasingly growing.

PT Merdeka Gold Resources has initiated mining operations at the Pani Gold Mine in Gorontalo Province, Sulawesi. The mine plans to process 7 million tons of ore annually, with a target gold output of 4 tons per year. By 2030, its ore processing capacity will be further enhanced.

PT Merdeka Gold Resources was listed on the Indonesia Stock Exchange on September 23. The company sold approximately 10% of its issued shares, raising 4.66 trillion Indonesian rupiah (about $280 million). The company plans to use these funds to further expand its gold production scale.

Indonesia is the world's eighth-largest gold producer. An increasing number of Indonesians view gold investment as a means of asset preservation. Affected by rising geopolitical risks and domestic economic uncertainties, the price of gold sold by the state-owned mining giant PT Aneka Tambang (Antam) reached approximately 2.23 million Indonesian rupiah per gram on October 1, setting a record high.

On September 29, the head of Antam revealed that the company's gold sales are expected to increase from 43 tons in 2024 to 45 tons in 2025. It is reported that since the beginning of this year, the company has imported about 30 tons of gold from Singapore and other locations.