Merdeka Copper Net Loss Widens 26.39% in First Half of 2025
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JAKARTA, Investortrust.id — PT Merdeka Copper Gold Tbk, or MDKA, has reported a net loss that widened in the first half of 2025, as higher financing costs and weaker nickel operations offset growth in gold production.
The company booked a net loss of US$15.8 million, equal to Rp 265.13 billion at an exchange rate of Rp 16,775 per US dollar, rising 26.39 percent from US$12.5 million or Rp 209.61 billion in the same period last year.
Despite the bottom-line pressure, MDKA recorded solid operating results. Earnings before interest, taxes, depreciation, and amortization reached US$176 million, up 18 percent year on year, while revenue climbed to US$855 million. The company said elevated financing costs and tax adjustments, along with lower nickel contributions, drove the deeper loss.
President Director Albert Saputro emphasized that gold operations remained the backbone of performance.
“Our gold operations have been the main driver of Merdeka’s strong results, combining production in line with target and favorable gold prices. This, alongside disciplined cost management, supported EBITDA growth even as nickel operations underwent temporary adjustments,” Saputro said in a statement on Friday, Sept 26, 2025.
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The company highlighted significant progress in its strategic projects, particularly the Pani Gold Project, expected to begin production in early 2026, and its high-pressure acid leach (HPAL) processing plant, scheduled to start operations in mid-2026.
“This performance reflects the strength of our diversified portfolio. Most importantly, our strategic growth projects are progressing on schedule and will strengthen Merdeka’s role in supporting Indonesia’s energy transition,” Saputro added.