Merdeka Gold Resources Pours IDR 6.45 Trillion Into Pani Gold Mine
Wed 30 Sep 2026, 09:23 AM
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PT Merdeka Gold Resources Tbk (EMAS) and two of its subsidiaries have extended unsecured affiliate loan facilities with a combined ceiling of IDR 6.45 trillion to PT Pani Industri Nusantara (PIN).
EMAS Corporate Secretary Adi Adriansyah Sjoekri said the credit facilities consist of IDR 3.05 trillion from the company, while PT Gorontalo Sejahtera Mining (GSM) and PT Puncak Emas Tani Sejahtera (PETS) each provided IDR 1.70 trillion.
All of the credit facilities will carry an interest rate based on the INDONIA reference rate plus a 1.70% annual margin, with a maturity date of December 31, 2031.
"To increase PIN's funding flexibility in financing its needs, including but not limited to general corporate needs, working capital, capital expenditures and operating expenses," Adi explained in a statement submitted to the Indonesia Stock Exchange (IDX) on Tuesday (29/9).
Although the facilities are unsecured, EMAS management said the sizable financing would not negatively affect the company's liquidity.
"On the contrary, the transactions are expected to strengthen PIN's funding capacity in supporting its operational activities and business development," Adi added.
The total value of the loan facilities exceeds 20% of EMAS's equity as of June 30, 2026, placing the transactions in the category of material transactions regulated by the Financial Services Authority (OJK). However, management said the transactions do not require shareholder approval because the value of each transaction is below 50% of total equity and the transactions are conducted between entities within the same group.
According to data from IDNFinancials.com, PIN is an EMAS-owned entity engaged in the precious metals industry. The company has total assets of USD 83.05 million, or around IDR 1.48 trillion.
PIN is also an EMAS entity managing the Pani gold mining project in Pohuwato Regency, Gorontalo Province. PIN has previously developed a Heap Leach facility, Carbon-in-Leach (CIL) ore processing facilities, and waste management infrastructure.
The amount is equivalent to 8.61% of EMAS's total consolidated assets, which stood at USD 964 million at the end of the first half of 2026. Meanwhile, EMAS's consolidated cash and cash equivalents stood at USD 62.14 million.
EMAS is currently majority-owned by PT Merdeka Copper Gold Tbk (MDKA), an entity controlled by Edwin Soeryadjaya and Winato Kartono.
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