Jakarta. Merdeka Gold Resources (MGR), a subsidiary of Merdeka Copper Gold (IDX: MDKA), has officially launched its initial public offering (IPO) after securing approvals from the Indonesia Stock Exchange (IDX) and the Financial Services Authority (OJK).

The company is offering up to 1.62 billion shares, equivalent to 10 percent of its enlarged capital, aiming to raise around Rp 4.89 trillion ($296 million). The bookbuilding period runs from Sept. 8–10, with the public offering scheduled for Sept. 17–19 and trading debut targeted for Sept. 23. Underwriters for the deal are Indo Premier Sekuritas, Trimegah Sekuritas Indonesia, and Sinarmas Sekuritas.

President Director Boyke Poerbaya Abidin said proceeds will be allocated to working capital for gold mining and processing subsidiaries, as well as partial debt repayment. He described the IPO as a strategic step to enhance MDKA’s asset value, broaden its investor base, and support long-term sustainable growth.

“The Pani Gold Project has a resource potential of 7 million ounces and is designed as a long-life, low-cost mine. We are optimistic this project will deliver lasting value, not only to shareholders but also to the economic development of Pohuwato in Gorontalo and Indonesia,” Boyke said in a statement Monday.

The Pani project is MGR’s core development priority. The mine will start with a heap leach facility capable of processing 7 million tons of ore annually, slated to begin operations in December 2025. Peak output is expected at 140,000–150,000 ounces of gold per year between 2026 and 2030.

MGR also plans to build a carbon-in-leach (CIL) facility between 2029 and 2032, with annual processing capacity of up to 12 million tons. This second phase is projected to lift maximum output to 355,000 ounces per year.

Construction progress for the heap leach facility reached 67 percent as of June 2025, keeping the project on track to pour its first gold in the first quarter of 2026. Once fully operational, the Pani project could deliver up to 500,000 ounces annually, making it one of Indonesia’s largest primary gold mines and a key driver of MDKA’s future performance.

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