Several issuers have reported exploration results in the first three months of 2024. One of them is PT Merdeka Battery Materials Tbk (MBMA).

The company currently has several asset portfolios. Namely, the Sulawesi Cahaya Mineral nickel mine (SCM mine), rotary kiln-electric furnace smelters (RKEF smelters), nickel matte converters, and acid iron metal projects.            

MBMA also has several downstream development projects. These include a high-pressure acid leach (HPAL) processing facility and the Indonesia Konawe Industrial Park (IKIP), an industrial estate focused on battery raw materials.

During the first quarter of this year, MBMA completed exploration at the SCM mine in Konawe, Southeast Sulawesi for IDR 24.2 billion (equivalent to USD 1.5 million). It consisted of life-of-mine resource determination drilling and related test work.

The exploration work was carried out by PT Sulawesi Cahaya Mineral. The test methods are diamond drilling, geological mapping, sampling, and geophysical surveys.

The selection of the test area to be explored is an area close to the current mining pit and following the future mining plan.

The exploration result is that 165 drill holes have been completed with a total of 4,175 meters during the period.

According to MDKA management, the diamond drilling (DD) program will continue using 15 drill rigs for resource/infill and exploration drilling. Geophysical surveys and geological mapping will continue to be conducted by MDKA. The aim is to determine the next exploration drilling target.

Image source: KONTAN / Akmalal Hamdhi
Source: https://investasi.kontan.co.id/news/sepanjang-kuartal-i-2024-mkda-sudah-menuntaskan-165-pengeboran-di-areal-eksplorasi