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View all search resultsPani gold reserves climb to 4.8m oz amid record bullion rally
Mining operations at Pani, run by publicly listed miner PT Merdeka Gold Resources, officially began on Oct. 1, with the first gold pour expected in the first quarter of next year.
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The Tujuh Bukit gold mine in Banyuangi, East Java, operated by PT Merdeka Copper Gold subsidiary PT Bumi Suksesindo, is pictured on Oct. 25, 2024 (JP/Divya Karyza)
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ublicly listed miner PT Merdeka Gold Resources has announced a sharp increase in gold ore reserves at its Pani gold mine in Pohuwato, Gorontalo, as global bullion prices soar to record levels.
The company, a subsidiary of PT Merdeka Copper Gold, a major mining and metals group controlled by PT Provident Capital Indonesia and PT Saratoga Investama Sedaya, said the Pani mine’s ore reserves have risen to 4.8 million ounces, up 150 percent from the previous estimate of 1.9 million ounces.
The figure is derived from a mineral resource base of over 7 million ounces, making Pani one of the country’s largest primary gold deposits.
Mining operations at Pani officially began on Oct. 1, with the first gold pour expected in the first quarter of 2026. The project targets peak production of up to 500,000 ounces per year by 2032, placing it among the most productive gold mines in Southeast Asia.
Merdeka Gold said the reserve upgrade reflected the success of its exploration program and operational optimization, supported by expanded tailings and heap-leaching facilities, as well as a stronger long-term gold price outlook.
“This reserve update reaffirms the long-term potential of the Pani gold mine,” said Boyke Abidin, president director of Merdeka Gold, in a statement on Monday. “We believe this milestone will strengthen our growth foundation and deliver sustainable value to stakeholders.”
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