Indonesia’s mining titans, Merdeka Copper Gold (MDKA) and Merdeka Battery Materials (MBMA), have unveiled a compelling 9M25 operational update, demonstrating significant momentum and strategic advancements across their diverse portfolios. This release signals robust performance and a clear path toward future growth.

Unpacking 9M25 Operational Excellence Across Commodities

The period witnessed a broad resurgence in operational output. Across the board, all commodities reported a marked increase in production volume quarter-on-quarter for 3Q25, directly translating into heightened sales volumes. This surge underscores the companies’ operational efficiency and responsiveness to market dynamics. Crucially, the cumulative production volumes for all commodities over 9M25 have remained firmly aligned with the revised 2025 guidance initially set in 1H25. This consistency is a testament to Merdeka’s effective strategic planning and execution in a volatile commodity landscape.

MBMA’s Strategic Re-entry into Nickel Matte Production

Merdeka Battery Materials (MBMA) is making a calculated and impactful return to nickel matte production. After a strategic halt since 1Q25 due to what were then unfavorable, thin margins, the company is set to reignite its nickel matte operations in 4Q25. This pivotal decision follows the successful securing of new contracts boasting economically advantageous terms. MBMA’s ability to navigate market fluctuations and only commit to production under profitable conditions highlights its agile and disciplined approach to resource management.

Merdeka Gold Resources (EMAS) Accelerates Pani Project Towards First Gold

Merdeka Gold Resources (EMAS), a key subsidiary of MDKA, is making significant strides in its gold endeavors. The company proudly announced the commencement of mining activities as of October 1, 2025. This marks a critical milestone, paving the way for the inaugural ore stacking, which is firmly scheduled for November 2025. Concurrently, the flagship Pani project continues its impressive trajectory. Construction is proceeding “as scheduled,” with an impressive overall completion rate of 83%. The anticipation builds for first gold production, which EMAS has targeted for 1Q26, positioning the project as a vital future revenue stream for the Merdeka group.