PT Merdeka Copper Gold Tbk. (MDKA) through its subsidiary PT Bumi Suksesindo (BSI) is optimistic that the gold production target in 2023 will be achieved. The company is targeting solid gold production this year in the range of 120,000 troy ounces.
PT BSI Director Riyadi Effendi said that gold production from the Tujuh Bukit gold mine, Banyuwangi by the end of this year is projected to reach 124,000 troy ounces. This figure will at least be less than the target set by the company.
“This year’s target should be achieved and maybe a little more. 124 thousand ounces, we reached it,” he said when met in Jakarta, Wednesday (13/12/2023).
He also hopes that the price of gold on the world market will continue to increase. Moreover, the world gold price is currently above USD 2,000 per troy ounce.
“The price of gold is good now, above two thousand per ounce. “In the future, we hope that gold prices will stabilize and continue to increase,” he said. he said.
Furthermore, Riyadi revealed that continued production from the Tujuh Bukit Gold Mine open pit will be completed in 2026. Next, the company will switch to boosting mineral reserves in the form of underground copper (underground mining) which is expected to produce in 2027.
“In addition to the gold on the surface, we are in the exploration stage for the underground, copper. That’s actually the target for next year, we will start construction and in two-three years we will produce the third largest,” he said.
Quoting the company’s presentation material, based on the results of the Pre-Feasibility Study of the Tujuh Bukit Copper Project which was announced in the second quarter, it shows the potential of this project to become a world-class underground mine, with a total production capacity of 24 million tons of ore per year and can provide a maximum production of 112 thousand tons of copper and 366 thousand ounces of gold in concentrate per year.
Image source: MDKA