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Merdeka acquiring 66.6% stake in Pani gold project in Indonesia for US$55M

PT Merdeka Copper Gold Tbk. acquired a 66.6% stake in the Pani gold project in Indonesia for US$55 million.

Lion Selection Group Ltd. said Nov. 5 that Merdeka's purchase raised the value of Lion's 33.3% interest in the project to A$39.3 million from A$16.9 million.

The transaction is expected to have minimal impact on project work, as Merdeka's mining services division is already providing technical, social and government relations support for Pani.

Preparatory work for a pre-feasibility study is underway, with the receipt of certain permits and licenses anticipated in December.

Merdeka also owns the Tujuh Bukit oxide heap leach project in Indonesia.