The agreement is valid for two years with a total transaction volume of 3 metric tons (nearly 100,000 ounces of gold per year), with an option to increase by up to 3 additional metric tons per year. Under this partnership, BSI and PETS act as the sellers, while ANTAM serves as the buyer of domestically refined gold granules.

The gold production covered under this agreement comes from two of Merdeka Group’s key operations: the Tujuh Bukit Gold Mine in Banyuwangi, East Java, operated since 2017 by BSI, and the Pani Gold Mine in Pohuwato, Gorontalo, operated in part by PETS.

The Pani Gold Mine is the Group’s newest operation. The mine commenced first mining in October 2025 and successfully achieved its first gold pour on 14 February 2026 through the heap leach process. On 27 February 2026, the mine also delivered 44.04 kilograms of dore bullion to ANTAM for its first refining process. The first sale of refined gold under the GSPA is targeted to take place before the end of March 2026.

President Director of PT Merdeka Copper Gold Tbk, Albert Saputro, stated that the partnership represents a strategic step to ensure domestic absorption of the Group’s gold production while strengthening the integration of Indonesia’s gold industry supply chain. “With a growing production base from the Tujuh Bukit and Pani gold mines, we need a stable and measurable offtake structure. This GSPA provides certainty for production offtake while reinforcing our contribution to the domestic gold industry,” said Albert.

ANTAM Commercial Director Handi Sutanto added that the partnership reflects stronger national gold sovereignty, where Indonesia’s mined resources are refined into pure gold products accessible to the public. ANTAM’s gold bar products are accredited by the London Bullion Market Association (LBMA). Through this collaboration, the integration of Indonesia’s gold supply chain is expected to become even stronger.

Going forward, with an increasingly solid production base from the Tujuh Bukit and Pani gold mines and the support of strategic partnerships, Merdeka Group remains optimistic about further increasing its contribution to Indonesia’s gold industry.

Main photo: Representatives of MDKA, EMAS, and ANTAM during the agreement signing on 4 March 2026.

Artikel MDKA and EMAS Sign Gold Sales and Purchase Agreement with ANTAM pertama kali tampil pada PT Merdeka Copper Gold Tbk.

Two subsidiaries of PT Merdeka Gold Resources Tbk that operate Pani Gold Mine received awards in the large company category: PT Gorontalo Sejahtera Mining (GSM) for achieving 7,666,280 person-hours without a lost time injury, and PT Puncak Emas Tani Sejahtera (PETS) for achieving 2,166,209 person-hours without a lost time injury.

The award was presented by the Governor of Gorontalo Province in recognition of the companies’ achievement in recording zero lost time injuries (LTI), in accordance with Minister of Manpower Regulation No. PER-01/MEN/I/2007. This milestone demonstrates that the consistent implementation of OHS management systems can create a safe, healthy, and productive workplace.

The award was received by Sasongko Heru Nugroho, Head of Mine Technical PETS, accompanied by Adi Firdaus, HR Manager of Pani Gold Mine. “Everyone Safe, Always is our core operational value. This achievement reflects the collective efforts of all employees and partners in upholding safety standards,” said Sasongko. “We remain committed to maintaining and further strengthening OHS standards across all operations.”

Adi said that the achievement reflects strong collaboration in building a safety culture. “This award is not just about numbers, but about our consistency in ensuring every worker returns home safely each day,” said Adi. “We build our safety culture through continuous training, strict supervision, and active engagement of employees and partners.”

This recognition further Pani Gold Mine’s position as a mining operation that prioritizes safety alongside productivity and responsibility to its workforce.

Moving forward, the company will continue enhancing OHS training, operational supervision, and workforce competency to ensure safety remains the foundation as it advances toward full production.

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Artikel Pani Gold Mine Receives Zero Accident Award from Gorontalo Province pertama kali tampil pada PT Merdeka Copper Gold Tbk.

The open-pit mine, located in Hulawa Village, Pohuwato Regency, Gorontalo, has Gold Ore Reserves containing approximately 4.8 million ounces of gold, part of a Mineral Resource Estimate containing 7.01 million ounces of gold—positions it as one of Indonesia’s most prospective primary gold mines.

Since PT Merdeka Gold Resources Tbk (MGR), the mine operator, was listed on the Bursa Efek Indonesia under the ticker symbol EMAS, development of the Pani Gold Mine has accelerated rapidly. First mining was carried out on October 1, 2025, followed by the completion of the Ore Preparation Plant (OPP) two weeks later.

In the following months, the project reached several key milestones, including first ore crushing at the OPP, first ore stacking at the heap leach facility, and first irrigation, marking the start of the leaching process. The resulting pregnant leach solution was then processed at the Adsorption, Desorption, and Recovery (ADR) plant to extract and refine the gold into doré bullion.

During this initial operational phase, the Pani Gold Mine uses the heap leach method, targeting gold production of approximately 110,000–115,000 ounces in its first year, exceeding the initial 2026 target of 80,000 ounces.

The Pani Gold Mine has also begun construction of its Carbon-in-Leach (CIL) facility, with earthwork underway since early 2026, ahead of the original 2027 schedule. The CIL facility will complement the heap leach, enabling the mine to rely on two processing methods in parallel to optimize gold recovery.

The 12-million-ton-per-year CIL facility is now targeted for completion in 2028, earlier than the original phased plan extending to 2032. Once fully operational, total gold production at the Pani Gold Mine will be derived from a combination of heap leach and CIL processing. With this acceleration, peak production potential of up to 500,000 ounces of gold per year could be achieved by 2029, ahead of previous projections.

“This first gold pour marks a key milestone in EMAS’ successful transition from project development to commercial gold operations. Achieving this ahead of schedule reflects strong project execution discipline and operational readiness,” said Boyke Poerbaya Abidin, President Director of MGR, during the ceremony, which was also attended by Gorontalo Governor Gusnar Ismail and Vice Governor Ida Syahidah. Boyke added that the commencement of operations at the Pani Gold Mine also provides a foundation for further production growth.

In his remarks, Governor Gusnar Ismail expressed confidence that the mining industry will support economic growth in Gorontalo Province. “I am optimistic that with the mining industry, provincial economic growth could exceed 6 percent if managed properly,” he said, noting that current growth stands at 5.71 percent. With strong economic growth, he added, poverty level in the Gorontalo province is also expected to decline.

“In addition to strengthening Merdeka Group’s gold portfolio, the Pani Gold Mine will contribute to Indonesia’s gold production and support Gorontalo’s economic development through job creation and community empowerment programs,” Boyke added. “All our operations are conducted in accordance with Good Mining Practices and high environmental, social, and governance standards.”

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Main photo: The process of forming gold and silver into doré bullion.

Artikel First Gold Pour Marks Official Production Start at Pani Gold Mine pertama kali tampil pada PT Merdeka Copper Gold Tbk.

The Pani Gold Mine is a strategic project of PT Merdeka Gold Resources Tbk, a subsidiary of PT Merdeka Copper Gold Tbk. As part of the Merdeka Group, the development of the Pani Gold Mine draws on the Group’s experience in operating the Tujuh Bukit Gold Mine in Banyuwangi, East Java, which applies a similar processing method. This experience provides a strong foundation for technical planning, facility development, and the implementation of operational and sustainability standards at the Pani Gold Mine.

During the initial production stage, the Pani Gold Mine applies the heap leach method, whereby crushed gold ore is stacked on a heap leach pad and irrigated with a chemical solution to dissolve gold and silver from the ore. The resulting pregnant leach solution is then transferred to the ADR Plant (Adsorption, Desorption, and Recovery) for extraction and refining processes, producing gold and silver in the form of dore bullion. The Pani Gold Mine ADR facility has completed its commissioning phase and is ready to process pregnant leach solution.

President Director of PT Merdeka Gold Resources Tbk, Boyke Poerbaya Abidin, stated that the commencement of heap leach irrigation underscores the project’s readiness to achieve its first gold production target.

“This project is not only expected to drive long-term value for investors, but also to make a tangible contribution to regional development, particularly for communities in Pohuwato Regency, through increased local government revenue, job creation, and the development of local MSMEs,” said Boyke.

Alongside the operation of the heap leach facility, the Pani Gold Mine continues to advance the development of a downstream Carbon-in-Leach (CIL) processing facility as part of its medium- to long-term production capacity growth strategy. A Feasibility Study, targeted for completion in the first quarter of 2026, is currently being prepared based on a planned CIL processing capacity of 12 million tonnes per year, to be constructed and operated at full capacity from the outset. This approach replaces the previous plan, which envisaged starting operations at a capacity of 7.5 million tonnes before gradually ramping up to 12 million tonnes.

From a resource perspective, the Pani Gold Mine holds approximately 4.8 million ounces of gold Ore Reserves, derived from a Mineral Resource Estimate of more than 7 million ounces of gold. With this scale, the Pani Gold Mine is recognized as one of the largest primary gold deposits in Indonesia. Through the optimization of heap leach operations and the development of a large-scale CIL facility, the Pani Gold Mine has the potential to reach peak production exceeding 500,000 ounces of gold per year, positioning it as one of the largest gold mines in Indonesia and the Asia-Pacific region.

Artikel Heap Leach Irrigation Commences, Pani Gold Mine Moves Toward First Gold Production pertama kali tampil pada PT Merdeka Copper Gold Tbk.

According to Roelly Fransza, General Manager of Operations and Head of Mining Engineering at BSI, the award reflects the discipline and commitment of all BSI employees in implementing OHS across all operational activities, both at the Tujuh Bukit Gold Mine and the Tujuh Bukit Copper Project, which together form the Tujuh Bukit Operations (TBO).

Throughout 2025, BSI recorded 19.7 million work hours with zero lost time injuries and zero recordable injuries. This means no incidents occurred that required official reporting under mining safety standards.

This performance was further reinforced by a low Serious Potential Incident Frequency Rate (SPIFR) of 0.37—well below the target of <1.47. It demonstrates the company’s strong ability to manage major risks through effective systems, supervision, and disciplined work practices.

These achievements were previously announced during BSI’s National OHS Month ceremony at its operations site on 12 January 2026, two days before the provincial award was received. The 2026 National OHS Month program includes a series of strategic, promotional, and implementation-based activities, such as health webinars, BSI Fun Run, OHS Reflection Day, and the Internal Rescue Challenge.

“No production target is more important than human life,” said Roelly during the ceremony. He emphasized that everyone deserves to return home safely and in good health after work.

In 2026, BSI aims to take its OHS implementation to the next level under the theme On to the Next Level. The company has embedded Safety Beliefs and Duty of Care into its safety management system to further strengthen a safety-driven culture.

With a strong OHS foundation and continued commitment, BSI is determined to ensure that every worker at Tujuh Bukit Operations can work and return home safely.

Artikel Bumi Suksesindo Receives OHS Award from the Governor of East Java pertama kali tampil pada PT Merdeka Copper Gold Tbk.

The INSTAR 2025 Index serves as a form of appreciation for companies assessed as having implemented sustainable and integrity-driven business practices. The program is organized by Tempo Data Science in collaboration with Transparency International Indonesia (TII) and the Institute for Strategic Initiatives (ISI). These institutions play an important role in promoting transparency, accountability, and the strengthening of business governance and democracy in Indonesia.

This year, INSTAR assessed 900 companies out of a total of 1,019 companies that published annual and sustainability reports, including issuers listed on the Indonesia Stock Exchange and non-listed state-owned enterprises. The assessment applied 47 indicators across four key dimensions: Social and Human Rights, Environment, Business Integrity, and Corporate Resilience. Companies scoring 80 or above receive the Verified Badge, while those exceeding the assessment threshold but not yet reaching a score of 80 receive the Committed Badge.

Participating in the INSTAR assessment for the first time, PT Merdeka Battery Materials Tbk achieved an index score of 83.75, making it the only mining company in Indonesia to receive the INSTAR Verified Company Badge in 2025. Meanwhile, PT Merdeka Copper Gold Tbk recorded a total index score of 79.82, an increase of 16.67 percent from its 2024 score of 68.42.

The awards on behalf of the Merdeka Group were accepted by Tom Malik, Head of Corporate Communication of Merdeka. The ceremony was also attended by Deputy Minister of Investment Todotua Pasaribu and Deputy Commissioner for Financial System Stability at the Financial Services Authority (OJK), Agus E. Siregar, who emphasized the importance of integrity and sustainability in national business practices.

The INSTAR 2025 awards reflect the results of an independent assessment of the companies’ governance and sustainability practices. This achievement serves as a reference for the Merdeka Group to continue evaluating and strengthening its business integrity practices and sustainability reporting going forward, in line with evolving regulations and stakeholder expectations.

Main photo: Tom Malik, Head of Corporate Communication, receives the INSTAR Verified Company Badge on behalf of PT Merdeka Battery Materials Tbk. Second photo: Tom Malik, Head of Corporate Communication, receives the INSTAR Committed Company Badge on behalf of PT Merdeka Copper Gold Tbk. Third photo: Representatives of companies receiving the INSTAR Committed Badge.

Artikel Two Merdeka Group Companies Receive INSTAR 2025 Verified and Committed Badges pertama kali tampil pada PT Merdeka Copper Gold Tbk.

These recognitions underscore the Merdeka Group’s consistent efforts to enhance transparency and accountability through sustainability reporting. PT Merdeka Copper Gold Tbk earned the Platinum Rank for the first time— ASRRAT’s highest rating—while PT Merdeka Battery Materials Tbk (MBM) successfully retained its Gold Rank, as it did the previous year.

The award for Merdeka Copper Gold was received by Bahtiar Manurung, ESG and Climate Change Manager of the Merdeka Group, while the award for MBM was received by Satriyo Giri, ESG and Climate Change Specialist at Merdeka. Both achievements reflect the strong quality of both companies’ sustainability reports, which transparently and responsibly disclose their performance, commitments, and sustainability strategies.

In his keynote speech at ASRRAT 2025, Prof. Dr. Bambang Permadi Soemantri Brodjonegoro, S.E., M.U.P., Ph.D., Chairman of the NCCR Board of Trustees, emphasized the urgency of aligning sustainability reporting standards with global frameworks. He highlighted how IFRS S1–S2, TCFD, and the GRI Standards increasingly require companies to present information that is measurable, consistent, comparable, and useful for stakeholders. Businesses, he noted, must adapt quickly to these developments.

Meanwhile, NCCR Executive Director, Dr. (Hon) Ali Darwin, Ak., M.Sc., CSRS, CSRA, CSP., stressed that sustainability reporting has become a foundation of accountability and trust in responsible business practices. He underscored that companies are expected not only to meet technical reporting requirements but also to demonstrate long-term commitment in managing material impacts.

This recognitions strengthen the Merdeka Group’s efforts to continually improve the quality of its sustainability disclosures and to deepen the integration of ESG considerations into decision-making processes. The company remains committed to ensuring that every operational activity generates tangible benefits for communities and the environment, while contributing to sustainable development in Indonesia.

Main Photo: Bahtiar Manurung, ESG & Climate Change Manager Merdeka, received the Platinum Rank on behalf of MDKA.
Second Photo: Satriyo Giri, ESG & Climate Change Specialist Merdeka, received the Gold Rank on behalf of MBMA.
Third Photo: Merdeka ESG & Climate Change Team at ASRATT 2025.

Artikel Merdeka Group Wins Platinum and Gold Awards at ASRRAT 2025 pertama kali tampil pada PT Merdeka Copper Gold Tbk.

Developed by SETARA Institute with support from the Tarumanagara Jakarta Foundation, the RBC Benchmark aims to strengthen responsible, human-rights–based business practices in Indonesia. The instrument assess the extent to which Business and Human Rights principles—particularly those referring to the UN Guiding Principles on Business and Human Rights (UNGPs)—as well as ESG (Environmental, Social, and Governance) and sustainability principles have been systematically integrated into companies’ policies, governance structures, and operational practices.

The assessment is carried out comprehensively through a review of documented practices, public reporting, internal mechanisms, and companies’ responses to human rights risks and impacts. In the study’s results, Merdeka was listed among the highest-scoring companies out of 18 mining companies evaluated.

As the organizer, SETARA Institute is known for promoting pluralism, humanity, democracy, and human rights. Through SIGI—a dedicated unit focusing on inclusive and sustainable governance based on the UNGPs—SETARA continues to advance responsible business practices in Indonesia.

The event was attended by various stakeholders, including the Director General of Human Rights Services and Compliance at the Ministry of Human Rights, Munafrizal Manan; Chair of the SETARA Institute National Council, Hendardi; Chair of the SETARA Institute Governing Board, Ismail Hasani; Executive Director of SETARA Institute, Halili Hasan; as well as representatives from companies achieving the highest scores in the RBC Benchmark study.

Artikel Merdeka Wins the 2025 Business and Human Rights Award pertama kali tampil pada PT Merdeka Copper Gold Tbk.

The opening ceremony was attended by the Banyuwangi Regional House of Representatives (DPRD), Banyuwangi local government officials (Forpimda), representatives from the Banyuwangi Education Office, Pesanggaran subdistrict officials (Forpimka), village heads from across Pesanggaran, BSI management, as well as students and local community members.

BSI, a subsidiary of PT Merdeka Copper Gold Tbk and the operator of the Tujuh Bukit Gold Mine in Banyuwangi, launched two flagship programs at Rumah Pintar: free computer courses and English classes for students in grades 4–6 (elementary) and 7–9 (junior high). These programs are run by Yayasan Bina Sarana Indonesia as the managing partner. The learning facilities are fully equipped and comfortable, featuring six air-conditioned rooms—two for English, two for computer classes, one library, and one teachers’ room—along with supporting areas such as a kitchen, prayer room, and restrooms. Some students present at the inauguration tried out the learning tools, marking the beginning of the facility’s use.

Rumah Pintar is part of BSI’s Community Development and Empowerment Program (PPM), implemented through eight pillars including education, health, income enhancement, economy, social and cultural development, environment, community institutions, and infrastructure. In education, the facility is projected to become a center for literacy improvement, digital skills, and vocational learning outside regular school hours.

“Children can learn comfortably here,” said BSI Director Riyadi Effendy. “We hope Rumah Pintar can make a positive contribution to the community.”

Banyuwangi Regent Ipuk Fiestiandani welcomed the new facility, saying, “With the presence of Rumah Pintar, children can better understand digitalization and compete with peers from other regions. Students’ graduation education index is expected to improve, in line with the local government’s mission to enhance education through vocational programs. Thank you to BSI. May Rumah Pintar serve as a stepping stone for children in Banyuwangi to achieve a bright future, especially in the Pesanggaran area.”

In addition to inaugurating Rumah Pintar, Regent Ipuk and BSI signed the plaques for the newly renovated SDN 7 and SDN 9 Sumberagung, marking the completion of two other PPM education programs. The Regent also toured classrooms to ensure the quality of the renovations and their benefit to students.

BSI’s General Manager of Operations and Chief Mining Engineer, Roelly Fransza, added, “BSI’s spirit here is, if anyone asks where in Indonesia children can receive quality education, it is here in Banyuwangi.”

The Smart House is BSI’s first facility in Banyuwangi built with fully equipped learning amenities. With a combination of modern educational facilities, skill enrichment programs, and collaboration between local government, the community, and the company, Rumah Pintar is expected to serve as a crucial stepping stone for the future of Pesanggaran children.

Photos: Scenes of Rumah Pintar, including the exterior, classrooms, kitchen, and prayer room.
Main photo: Students trying out learning devices at Rumah Pintar on the inauguration day.

Artikel Rumah Pintar: New Learning Facility from BSI for Pesanggaran Students pertama kali tampil pada PT Merdeka Copper Gold Tbk.

The first ore crushing marked a key milestone confirming that OPP’s core facilities can operate under near-full-load conditions. This trial is part of C3 Commissioning, an operational test using real ore to verify equipment integration, process stability, and overall system readiness. Earlier stages—C1 and C2—validated the design and installation through documentation checks and static testing before the equipment was energized. C3 is the dynamic testing phase using actual material, while C4 will serve as the final optimization and performance-validation stage before the facility is declared ready for commercial operations.

With C3 completed, the technical team is now fine-tuning process parameters—from conveyor speed and crusher capacity to vibrating-screen frequency—to achieve the most efficient configuration ahead of C4 Commissioning. This process ensures the entire gold-production system operates stably and in full alignment with the design.

“This C3 milestone is the result of the team’s hard work and the support of our stakeholders,” said Boyke Poerbaya Abidin, President Director of PT Merdeka Gold Resources Tbk (MGR), the company operating the Pani Gold Mine, which recently listed on the Indonesia Stock Exchange following its parent company, PT Merdeka Copper Gold Tbk. “We are moving steadily toward full operations, which will bring economic benefits, job opportunities, and social value to surrounding communities.”

This progress builds on a series of key milestones achieved by the Pani Gold Mine throughout the year. On 1 October 2025, initial mining activities began with the first digging. Only after the completion of the OPP construction was the first crushing carried out as an initial step to verify processing readiness. With the completion of the C3 stage, the Pani Gold Mine is now moving closer to its first gold production, targeted for the first quarter of 2026.

To ensure first gold production stays on schedule, MGR has taken various steps throughout project development, including signing a Renewable Energy Certificate (REC) agreement with PLN to secure a renewable electricity supply for Pani operations. With ore reserves of 190 million tonnes containing 4.8 million ounces of gold—making it one of Indonesia’s largest primary gold deposits—the project is being developed to operate with stronger sustainability standards.

Artikel Pani Gold Mine Completes C3 Commissioning with First Ore Crushing pertama kali tampil pada PT Merdeka Copper Gold Tbk.