Shares of MERDEKAGOLD-DRS (06228) commenced trading today. According to the company's announcement, the shares were priced at HK$26.6 each. The offering involved 89.6686 million shares, with a board lot size of 100 shares. The entire global offering consisted of a secondary sale of existing shares. The issuer, MERDEKA GOLD, will not receive any net proceeds from the offering, with all funds going to the selling shareholders. At the time of writing, the stock was trading flat at HK$26.6, with a turnover of HK$149 million.
Public information indicates that Merdeka Gold is a gold mining company listed on the Indonesia Stock Exchange and is one of Asia's leading pure-play gold producers. Its core asset, the Pani Gold Mine, is Indonesia's largest primary gold mine. Production is projected to place it among Asia's top two primary gold mines by 2030. The company is a subsidiary of the Indonesian mining group MCG Holdings, which holds approximately a 63.33% stake. The Pani Gold Mine is scheduled to achieve first gold production by February 2026.
Under its mining license, the Pani Gold Mine covers a concession area of 135 hectares. It boasts mineral resources of 291.5 million tonnes with a gold grade of 0.75 grams per tonne, containing 7 million ounces (218.6 tonnes) of gold metal. The mine also has ore reserves of 203.1 million tonnes with a gold grade of 0.79 grams per tonne, containing 5.2 million ounces (160.5 tonnes) of gold metal.
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