Merdeka Gold sells first gold from Pani mine to Antam
Tuesday, March 17 2026 - 07:51 AM WIB
By Romel S. Gurky
Gold mining firm PT Merdeka Gold Resources Tbk (IDX: EMAS) said it had completed its first gold sale from the Pani Gold Mine in Gorontalo, marking the start of commercial production at the project.
The sale involved 16.06 kilograms of gold, or about 516 ounces, supplied through the company’s subsidiary PT Puncak Emas Tani Sejahtera to state miner PT Aneka Tambang Tbk (Antam) (IDX: ANTM) on Monday.
The transaction forms part of a Gold Sales and Purchase Agreement (GSPA) between the Merdeka Group and Antam aimed at strengthening domestic gold offtake and integrating Indonesia’s gold supply chain.
Merdeka Gold Resources President Director Boyke Poerbaya Abidin said the initial sale represents a milestone for the company’s financial performance.
“At the same time, the significant increase in ore reserves within a relatively short period demonstrates the quality of the deposit and the success of our exploration program,” he said in a statement.
Read also: EMAS ships first dore to Antam refinery as Pani mine nears commercial stage
The Pani mine, located in Gorontalo province, began mining operations in October 2025 and produced its first gold through heap leaching earlier this year.
The project is part of the portfolio of Merdeka Copper Gold, which signed a two year agreement with Antam earlier this month to supply around 3 metric tons of gold annually, or roughly 100,000 ounces per year, with an option to increase volumes.
Gold under the agreement will come from two Merdeka Group operations, including the Tujuh Bukit Gold Mine which is operated by Merdeka Gold parent company PT Merdeka Copper Gold Tbk (IDX: MDKA) and the Pani Gold Mine.
Merdeka Gold Resources said its latest resource estimate shows ore reserves at Pani rising to 203.1 million tons with an average grade of 0.79 grams per ton, containing about 5.2 million ounces of gold, up from 4.8 million ounces reported in October 2025.
The company expects the mine to produce around 100,000 to 115,000 ounces of gold in 2026 as it accelerates development of processing facilities and expands mining operations.
Merdeka is also continuing exploration at the project, with four drilling rigs currently operating and additional rigs scheduled to arrive to support a planned 32,000 meter drilling program this year aimed at expanding the resource base.
Editing by Alexander Ginting