The company owns four producing assets including the Tujuh Bukit copper-gold mine, Wetar copper mine, and Batangas Group which produces nickel in the form of nickel pig iron and nickel matte. Merdeka is advancing the 100% owned Pani gold project, to start gold production from its 7Mtpa heap leach operation by the end of 2025. The company demonstrates strong downstream integration through its Merdeka Battery Materials subsidiary, positioning it well for the energy transition.
Cyborg Score Rationale
Over the first nine months of 2023 Merdeka produced around 109,000 ounces of gold, 9,300 tonnes of copper, 43,000 of nickel in nickel pig iron, and 17,600 tonnes of nickel in nickel matte. The company benefits from diversified commodity exposure, established producing assets, and multiple growth catalysts, though commodity price exposure and execution risks remain.
Top Insights
MBMA plays a vital role in global EV battery value chain through its integrated nickel operations—including SCM Mine, RKEF smelters, nickel matte converter, and future HPAL facilities.
Merdeka Copper Gold was founded in 2012 as a holding company with five operating subsidiaries that are engaged in the mining businesses, encompassing the exploration and future production of gold, silver, copper and other related minerals; and mining services.
The Tujuh Bukit Mine in Banyuwangi is also entirely powered by renewable energy that is supplied from the Kamojang Geothermal Power Plant in West Java.
As of today, Merdeka Copper Gold TBK PT market cap is 91.56T IDR.
Named Competitors
Copper & Gold Mining — Large-scale copper-gold operations in Indonesia
Diversified Mining — Indonesian state-owned mining conglomerate
Nickel Integration — Nickel mining and smelting operations
Recent Developments
(February 2026) Drilling results from Tujuh Bukit Gold and Copper projects in East Java
(January 2026) Maiden Mineral Resource Estimate at Gua Macan, Tujuh Bukit District and Wetar Copper drill results
(2025) Pani Gold Project Feasibility Study completed, confirming multi-decade low-cost open pit operation
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