Listed Metal Companies Eyeing Downstream Projects

A number of mining and metal processing companies are driving expansion and investment to capture the potential growth in demand, including for downstream projects.

Annisa Kurniasari Saumi

14 Jun 2023 - 13.14
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Listed Metal Companies Eyeing Downstream Projects

PT Bumi Suksesindo’s gold mining concession area, a subsidiary of PT Merdeka Copper Gold Tbk. in Tumpang Pitu Banyuwangi forest. JIBI/Bisnis-Peni Widarti

Bisnis, JAKARTA — A number of mining and metal processing companies are driving expansion and investment to capture the potential growth in demand, including for downstream projects.

PT Merdeka Copper and Gold Tbk. (MDKA), a metal mining company under the Saratoga Group, has allocated a substantial capital expenditure (capex) and investment of $750 million (equivalent to IDR11.15 trillion based on the Jisdor exchange rate of IDR4,868 per USD) for the year 2023.

The company plans to utilize this budget for various projects, including $250 million for the acid iron metal project, $ 90 million for Sulawesi Cahaya Mineral, $110 million for Pani, and $130 million for Zhao Hui Nickel. MDKA's Director, David Thomas Fowler, stated that the allocated budget also covers the working capital needs of the company.

"We have a significant investment to make this year," said Fowler in a public expose, Tuesday (13/6).

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.