JAKARTA - Mining company PT Merdeka Copper Gold Tbk (MDKA) projects that the Tujuh Bukit Mine in Banyuwangi, East Java, will contribute to its financial performance in four years. 

MDKA GM Corporate Communication Tom Malik said the Tujuh Bukit Mine can contribute to MDKA between 2026-2027. Until now, Tom said the Tujuh Bukit mine is still in the process of further exploration. 

"The Tujuh Bukit mine is very economical, including one of the world's large copper reserves that has not been developed," said Tom in Jakarta, Wednesday (13/12/2023). 

He continued, the exploration of the Tujuh Bukit mine has been ongoing since 2018. Tom said MDKA has invested up to US$100 million for the exploration of the Tujuh Bukit Mine to date. 

According to him, the mining method at the Tujuh Bukit mine is quite complex because it is an underground mine. This requires a lot of study.

Tom also said that the Tujuh Bukit mine is estimated to operate for the next 20-30 years. 

For information, in 9 months 2023 MDKA recorded a net loss attributable to owners of the parent entity of US$ 23.77 million or around Rp 368.17 billion. Previously, in the same period last year, MDKA recorded a net profit of US$69.19 million. 

This net loss is inversely proportional to the increase in MDKA's revenue until the third quarter of 2023. 

During the January - September 2023 period, MDKA posted operating revenues of US$1.17 billion or equivalent to IDR 18.12 trillion. The revenue increased by 86.92% compared to the same period last year of US$ 616.01 million.  

Sources : Bisnis.com- Dec 13.23