PEFINDO has affirmed its idA+ ratings to PT Merdeka Copper Gold Tbk

(January 16, 2024)--PEFINDO has affirmed its idA+ ratings to PT Merdeka Copper Gold Tbk (MDKA)’s maturing Shelf Registered Bond IV Phase II Year 2023 of IDR2,500 billion due on March 15, 2024, and Shelf Registered Bond II Phase I Year 2021 Series B of IDR940.4 billion due on March 26, 2024.

MDKA plans to partly refinance its maturing bond using combination of bond issuance proceed, bank loan facilities and internal funds. As of December 31, 2023, the Company had cash and cash equivalent of USD228.5 million (excluding cash of PT Merdeka Battery Materials Tbk).

MDKA was established in 2012 and is engaged in mining activities. It has several projects located in Tujuh Bukit at Banyuwangi and Pani at Gorontalo for gold mining, Wetar Island, Maluku, for copper mining, Konawe at Southeast Sulawesi for nickel mining, and Acid Iron Metal (AIM) project, RKEF smelters, and nickel matte converter at Indonesia Morowali Industrial Park, Central Sulawesi. The Company is also in the process to develop High Pressure Acid Leaching (HPAL) plants in IMIP dan Indonesia Konawe Industrial Park (IKIP). As of September 30, 2023, its shareholders consisted of PT Saratoga Investama Sedaya Tbk (18.599%), PT Mitra Daya Mustika (12.058%), Garibaldi Thohir (7.358%), PT Suwarna Arta Mandiri (5.588%), ISV SA Hongkong Brunp & CATL Co., Limited (5.000%), and others, including the public and MDKA’s treasury shares (51.397%). (ends)