PEFINDO affirms rating of Merdeka's bonds

(May 31, 2023)--PEFINDO has affirmed its idA+ rating to PT Merdeka Copper Gold Tbk (MDKA)’s maturing Shelf Registered Bond I Phase I Year 2020 Series B of IDR726.35 billion due on July 30, 2023. MDKA plans to fully repay its maturing bond using its internal cash. As of April 30, 2023, the Company and its subsidiaries had cash and cash equivalent of USD712 million.

MDKA was established in 2012 and is engaged in mining activities. It has several projects located in Tujuh Bukit at Banyuwangi and Pani at Gorontalo for gold mining, Wetar Island, Maluku, for copper mining, Konawe at Southeast Sulawesi for nickel mining, Acid Iron Metal (AIM) project at Indonesia Morowali Industrial Park, and RKEF smelters in Morowali, Central Sulawesi. As of April 30, 2023, its shareholders consisted of PT Saratoga Investama Sedaya Tbk (18.345%), PT Mitra Daya Mustika (12.058%), Garibaldi Thohir (7.358%), PT Suwarna Arta Mandiri (5.588%), ISV SA Brunp & CATL Co., Limited (5.000%), and others, including the public and MDKA’s treasury shares (51.651%). (ends)