MDKA’s Gold Subsidiary PT Pani Bersama (PAMA) Set for September IPO
Wed 03 Sep 2025, 19:10 PM
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PT Pani Bersama Jaya, a subsidiary of PT Merdeka Copper Gold Tbk (MDKA) which owns a giant gold mine, listing on the Indonesia Stock Exchange (IDX) through an Initial Public Offering (IPO) is gaining momentum. The corporate action is reportedly set to roll out starting in September 2025.
Citing sources from Katadata.co.id, this entity within the Merdeka conglomerate is slated to list on the IDX by releasing 120 million lots of shares. However, the ticker symbol to be used by this MDKA subsidiary has not yet been confirmed.
Based on data obtained by Katadata.co.id, Pani Bersama Jaya is currently in the Pre-Effective stage for its initial public offering (IPO). The company is said to be opening the book-building period in the first and second weeks of September.
Currently, the company is reportedly awaiting approval from the Financial Services Authority (OJK) to proceed with the IPO. The shares will be offered at a maximum price range of IDR 1,500 per share during the IPO.
If calculated, Pani, which manages the giant gold mine project in Gorontalo, could potentially raise a maximum of IDR 18 trillion in fresh funds. However, other reports suggest that PAMA will release 120 million shares at a maximum price of IDR 1,200, bringing the total funds collected to IDR 1.45 trillion.
Katadata.co.id has sought confirmation from MDKA management regarding the news of Pani's IPO. However, as of the time of publication, the confirmation submitted to MDKA's GM Corporate Communication, Tom Malik, has not been responded to.
According to the Q2 2025 activity report, management stated that the development of the Pani Gold Project is on schedule, with a completion rate reaching 67% by the end of the quarter. Detailed engineering plans and procurement processes have been completed. Meanwhile, contractors are currently installing processing infrastructure and electrical systems.
Currently, the port facility is operational, and the construction of fuel storage facilities has also been completed. Operational trials are targeted for late 2025, with the first gold production expected to commence in Q1 2026.
Meanwhile, copper production from the Wetar Mine this quarter reached 1,854 tons with a total cash cost of USD 3.35 per pound,an AISC of USD 4.75 per pound, and an ASP of USD 4.23 per pound.
Profile of Pani Gold Project
The Pani Gold Project in Gunung Pani, Pohuwato Regency, Gorontalo, is being developed by PT Merdeka Copper Gold Tbk to become one of the largest primary gold mines in Indonesia and the Asia Pacific. This project boasts reserves of over 7 million ounces of gold with an estimated mine life spanning several decades.
Based on the official website of Merdeka Group, leveraging its experience in managing the Tujuh Bukit Gold Mine in Banyuwangi, the Merdeka Group aims to optimize the potential of an area known as a gold-producing region since the 19th century. This project is managed through several subsidiaries that handle mining operations, processing, and the construction of supporting infrastructure.
In the initial phase, the company will utilize the heap leach method with a processing capacity of up to 7 million tons of ore per year and a production target of approximately 140 thousand ounces of gold per year. Subsequently, the Merdeka Group will build a carbon-in-leach (CIL) facility with an initial capacity of 7.5 million tons per year, targeted to increase to 12 million tons per year by 2030.
When both facilities are fully operational, the total combined capacity is projected to reach 19 million tons per year, with a potential peak production of up to 500 thousand ounces of gold per year. Project preparations are reported to be on schedule. The company has completed detailed engineering design, procurement of main equipment, and heap leach method trials.
In addition, the construction of supporting infrastructure, such as fuel storage facilities, a port, and an electrical substation, is underway. PLN is scheduled to supply main power in 2025, while the on-site metallurgical laboratory will commence operations in early 2025.
The first gold processing is targeted for late 2025, with commercial production likely to begin in early 2026.
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