Merdeka Gold Speeds Up Pani Project, Boosts Heap Leach Capacity
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JAKARTA, Investortrust.id — PT Merdeka Gold Resources Tbk or EMAS accelerates development of the Pani gold project on Tuesday, Feb 3, 2026 in Gorontalo by preparing to lift heap leach processing capacity to 10 million tonnes per year after 2026 to support its plan to start first gold production in the first quarter of 2026. The move is expected to strengthen long term project value through faster construction, commissioning, and operational readiness.
The company said the capacity increase formed part of its long term strategy to maximize project value by speeding up construction activities and reinforcing its operational foundation. The statement was released as the project entered its final construction phase.
In its disclosure through the fourth quarter of 2026, EMAS said the Pani project would begin heap leach operations with an initial capacity of 8 million tonnes per year, higher than the original plan of 7 million tonnes per year. The adjustment reflected optimization of mine planning and processing design.
From the facilities side, the company also reconfigured and accelerated development of the Carbon in Leach facility. The CIL plant was targeted to start production at a capacity of 12 million tonnes per year in 2028, earlier than the initial plan of 7.5 million tonnes per year in 2029, before being gradually expanded.
Earthworks for the CIL facility began in January 2026, underscoring the company’s commitment to expanding processing capacity over the next several years. The development marked a key milestone in the project’s phased expansion.
Overall construction progress at the Pani project reached 94%. Development began in October 2025 alongside the connection of PLN grid electricity backed by Renewable Energy Certificates, followed by ore crushing in November and ore stacking in December.
The progress placed the project on track to begin irrigation and first gold production in early 2026. Management said the transition from construction to operations was proceeding according to schedule.
On the financing side, an EMAS subsidiary secured a $350 million revolving credit facility with a 60 month tenor from a syndicate of local and international banks. To date, the company had invested about $238 million in construction and pre production spending for the open pit heap leach operation.
Commissioning milestones were also achieved at the adsorption, desorption, and recovery facility, positioning the project for irrigation and initial gold output in early 2026. The facility formed a critical part of the gold recovery circuit.
During the period, EMAS reported a significant increase in Pani ore reserves to 190.3 million tonnes containing 4.8 million ounces of gold. For 2026, the project targeted gold production of 100,000 to 115,000 ounces, subject to approval of its annual mining plan.
President Director Boyke Poerbaya Abidin said the period marked a critical transition as the Pani project moved from construction to commissioning and operations. He said the company’s focus in 2026 was to achieve first gold safely, deliver production in line with guidance, and continue optimizing Pani for sustainable long term value.
In environmental, social, and governance terms, EMAS reaffirmed its commitment to safety, reporting 18.2 million safe working hours without lost time injury. The company also highlighted ongoing efforts in environmental management, community development, and responsible mining practices.