PT Merdeka Copper Gold Tbk (MDKA) has recorded a significant increase in indicated resources, reaching 755 million tons, at the Tujuh Bukit Copper Project located in Banyuwangi, East Java.
This figure marks an increase of more than 300 million tons or 71% from the previous indicated resources, which were recorded at 442 million tons.
The total mineral resource content (indicated and inferred) of this project has increased from 1.706 to 1.738 billion tons, with copper content at 0.47% and gold at 0.5 grams per ton.
This increase in mineral resource amounts converts indicated mineral resources from 2.7 million tons of copper to 4.5 million tons of copper and from 9.4 million ounces of gold to 16.1 million ounces of gold.
As a result, the total mineral resource of the Tujuh Bukit Copper Project, which originally contained 8.1 million tons of copper and 27.4 million ounces of gold, now contains 8.2 million tons of copper and 27.9 million ounces of gold.
Merdeka Copper Gold's General Manager, Tom Malik, stated that the significant increase in the Tujuh Bukit Copper Project resources developed by the Merdeka Group is evidence of a strong commitment to transforming the business unit from ongoing projects and operations. Particularly, towards prestigious world-class mining projects with long mine life.
In addition to the discovery of resources, Merdeka Copper Gold is also conducting massive exploration processes around its licensed operations to continuously discover other potential mineral resources effectively and efficiently.
"At present, Merdeka is focusing on optimizing performance and initiating the development of a bankable feasibility study that can be more reliable. This optimization includes metallurgical development to increase metal extraction from ore and improve the quality of mined ore. In its implementation, Merdeka is committed to continuously improving sustainability efforts," he said on Thursday (28/3/2024).
As is known, the Tujuh Bukit Copper Project is one of the largest copper projects in the world that is still in the pre-production phase. Merdeka holds 100% ownership of the project located under the Tujuh Bukit Gold Mine, Banyuwangi, East Java, operated by its subsidiary, PT Bumi Suksesindo.
Since 2018, Merdeka has invested US$176 million for detailed feasibility studies, including 1,890 meters of exploration, drilling to define resources, geological modeling, technical studies, and a pre-feasibility study (PFS) completed in May 2023.
The PFS confirms high economic benefits for the development of this underground mine, which is long-lasting and significant globally with a phased approach.
At its peak production, the Tujuh Bukit Copper Project will process 24 million tons of ore per year to produce over 112,000 tons of copper and 366,000 ounces of gold per year for more than 30 years.
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