Jakarta. Mining firm Merdeka Copper Gold (MDKA) will allocate $750 million or equivalent to Rp 11.1 trillion for working capital for the rest of the year.

In a public statement on Tuesday, the company said it plans to spend $250 million on acid, iron, and metal projects, $90 million on mining development to be operated by Sulawesi Cahaya Mineral, $110 million on gold mining project Emas Pani, and $130 million on Zhao Hui Nickel smelter.

“We have significant investments for the rest of the year so that’s why we must keep funding our projects,” Merdeka Copper Gold Finance Director David Thomas Fowler said.

The current capital expenditure plan is also significantly higher than the $390 million allocated last year when the listed company acquired stakes in several gold, nickel, copper, and cobalt mining firms.

In the first quarter of the year, Merdeka Copper Gold reported revenues of $214.21 million, representing an increase of 74 percent year-on-year. Part of the surge is attributable to the initial public offering by subsidiary Merdeka Battery Materials.

Merdeka Copper Gold CEO Albert Saputro said the company’s group is focused on strengthening business fundamentals through innovations, new investments, and empowering subsidiaries. 

“MDKA still has plenty of room for our financial performance to grow bigger. Our solid record and strong business fundamentals supported by the positive performance of our subsidiaries have made MDKA a mining company with continuously growing valuation,” Albert said.

According to company data, MDKA manages 35.2 million ounces of gold deposit, 8.4 million tons of copper deposit, 79 million ounces of silver deposit, 13.8 million tons of nickel deposit, and 1 million tons of cobalt deposit.

MDKA owns the Tujuh Bukit (seven hills) gold mine which produced 125,133 ounces of gold with an “all-in sustaining cost” of $1,131 per ounce last year.