EMAS Secures US$350 Million Credit as Pani Gold Mine Targets First Production in Early 2026
Key Takeaways
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JAKARTA, Investortrust.id — PT Merdeka Gold Resources Tbk or EMAS secures a US$350 million revolving credit facility on Thursday, Dec 4, 2025 in Jakarta to complete the final construction phase of the Pani Gold Mine in Gorontalo as the company accelerates commissioning work, a move expected to enable first gold production in early 2026. The miner also strengthens liquidity after raising Rp 4.9 trillion, equal to $280 million, through its September 2025 IPO.
Merdeka Gold Resources, completed the Ore Preparation Plant at the Pani site through its subsidiaries PT Pani Bersama Tambang, PT Puncak Emas Tani Sejahtera, and PT Gorontalo Sejahtera Mining, which secured the credit package from a group of domestic and international lenders.
PT Merdeka Gold Resources Tbk (EMAS) became a subsidiary of PT Merdeka Copper Gold Tbk (MDKA), and EMAS said the combined funding bolstered its balance sheet as capital spending reached US$208.7 million by Sept 30, 2025.
President Director Boyke Poerbaya Abidin said the credit facility refinanced subsidiary loans, supported commissioning activity, and funded further development of the Pani operation.
Commissioning Progress
The commissioning sequence for the Adsorption, Desorption and Recovery unit proceeded on schedule as ore crushing began on Nov 12, 2025 and energisation started on Dec 1, 2025 across mechanical, electrical and water systems.
Boyke said all stages would be completed before the end of December, allowing first reagent irrigation in early January 2026 ahead of initial production.
He added that ADR progress formed a critical milestone toward the first gold pour in early 2026, supported by a strong funding position, disciplined execution and high ESG standards.
Construction progress reached 83 percent by late September, covering heap leach pads, ore processing facilities and the ADR plant.
Mining operations started on Oct 1, 2025, and the Ore Preparation Plant ran at full capacity with 150 kV renewable power supplied by PLN.
At full output the mine would produce up to 500,000 ounces of gold per year, underpinned by reserves of 190 million tonnes of ore containing 4.8 million ounces of gold.
EMAS said the project would support long term community development, job creation and local economic expansion in Pohuwato under its ESG commitments.