Merdeka signs IDR 2.9 trillion Pani deal: what it means for Merdeka Copper Gold stock

Published on 10/12/2026 at 09:35 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Revenue rose 64.00 percent to USD 1.40 billion in first-half 2026. Merdeka Copper Gold stock has a target of IDR 3,300 after IDR 3,100.

Key points in brief

Merdeka Copper Gold signed an IDR 2.9 trillion construction agreement for the Pani Gold Mine, effective September 30, 2026.
First-half 2026 revenue rose 64.00 percent to USD 1.40 billion, while profit attributable to owners reached USD 102.00 million.
KB Valbury raised its target for Merdeka Copper Gold stock to IDR 3,300 from IDR 3,100 on October 5, 2026.
MDKA was last at IDR 2,850.00 on the Indonesia Stock Exchange on October 12, 2026, with market capitalization of IDR 69.6 trillion.

Merdeka Copper Gold, ID1000134406, Illustration mit AI erstellt.

Merdeka signed an IDR 2.9 trillion construction agreement for the Pani Gold Mine, giving Merdeka Copper Gold stock a fresh project milestone. IDXChannel reported on October 6, 2026 that the agreement was signed on September 30, 2026 and will run for two years.

What does the Pani deal mean?

Merdeka Mining Servis will provide construction services to three group subsidiaries developing Pani in Gorontalo. The agreement is effective for two years and can be extended for another two-year period, according to IDXChannel on October 6, 2026. The value is material in operational terms, but the source did not provide a production target or completion date.

Profit returned in first-half 2026

Merdeka's first-half 2026 revenue rose 64.00 percent year over year to USD 1.40 billion from USD 855.00 million. Profit attributable to owners of the parent reached USD 102.00 million, reversing a USD 16.00 million loss in first-half 2025, while EBITDA increased 191.00 percent to USD 512.00 million, according to the company's financial statement dated September 26, 2026.

Operating data point to the same shift. Gold production rose 32.00 percent year over year to 66,814 ounces in first-half 2026, while nickel ore production increased 121.00 percent to 15.20 million wet metric tonnes. The company said Pani was expected to contribute more in the second half of 2026 as its production ramp-up continued.

Analyst target moves to IDR 3,300

KB Valbury raised its target for Merdeka Copper Gold stock to IDR 3,300 from IDR 3,100 on October 5, 2026, while lifting its 2026 Pani production estimate to 52,000 ounces. Investor reported that the research view also used a copper price assumption of USD 13,300 per tonne.

Market value and project execution

MDKA was last at IDR 2,850.00 on the Indonesia Stock Exchange on October 12, 2026 at 2:23 p.m. WIB. Its market capitalization was IDR 69.6 trillion, while the 52-week range stood at IDR 2,050.00 to IDR 3,960.00. The operating picture therefore combines stronger reported earnings with continued execution risk across gold, nickel and battery-material projects.