Merdeka sets up indirect subsidiary

By Romel S. Gurky

IDX-listed gold and copper mining company PT Merdeka Copper Gold Tbk said its subsidiary PT Bumi Suksesindo has set up a new subsidiary called PT Beta Bumi Susesindo.

Merdeka said in a statement Friday that Beta Bumi is engaged in rock mining activities.

Merdeka is developing a gold mine called the Bukit Tujuh concession in Banyuwangi, East Java. The company has recently completed an initial public offering, raising fresh funds among others to be used to finance the development of the mine.

The company plans to start production in the fourth quarter of next year, targeting annual production of 900,000 troy ounces of gold and 1 million troy ounces of copper.

Editing by Reiner Simanjuntak