JAKARTA &ndash; PT Merdeka Gold Resources Tbk (EMAS), through its three subsidiaries, has obtained a revolving credit facility (RCF) worth USD 350 million from a consortium of domestic and international lenders.
The three subsidiaries are PT Pani Bersama Tambang (PBT), PT Puncak Emas Tani Sejahtera (PETS), and PT Gorontalo Sejahtera Mining (GSM).
The financing facility was agreed on Thursday (4/12), aimed at strengthening preparations for first gold production in early 2026.
The funds complement the IDR 4,9 trillion raised from EMAS&rsquo;s initial public offering (IPO) in September 2025.
The company will use the RCF to refinance subsidiary loans, meet working capital needs during the commissioning phase, and fund the next stages of development for the Pani Gold Mine.
As of 30 September 2025, the entity under PT Merdeka Copper Gold Tbk (MDKA) had realised project capital expenditure totalling USD 208,7 million.
Construction progress at the Pani Gold Mine continues to advance. Following the commencement of ore crushing on 12 November 2025, the adsorption, desorption &amp; recovery (ADR) facility entered the energisation stage on 1 December 2025.
This stage will be followed by mechanical, electrical, and water system commissioning, which is targeted for completion before the end of December 2025.
This will enable the first reagent irrigation process to begin in early January 2026 as the final step ahead of first gold pour.
The President Director of EMAS, Boyke Poerbaya Abidin, said that progress at the ADR facility marks a crucial milestone in Pani&rsquo;s transition towards commercial operation.
&ldquo;With a solid funding structure, disciplined execution, and high ESG standards, we are optimistic that Pani will become a major contributor to the Merdeka Group and to national gold production,&rdquo; he said in an official statement on Monday (8/12).
Overall, Boyke explained that mine construction had reached 83% by the end of September 2025.
Key infrastructure, including the heap leach pad, ore processing facilities, and the ADR plant, have almost entirely entered the final phase. The Ore Preparation Plant (OPP) has even been fully operational since 1 October 2025, supported by a 150 kV renewable energy supply from PLN.
The Pani Gold Mine is designed for long-term development. In the initial stage, the heap leach facility has a processing capacity of up to 7 million tonnes of ore per year. This will be increased through the construction of a Carbon-in-Leach (CIL) facility scheduled to begin operating in 2028.
At its peak, production is projected to reach 500.000 ounces of gold per year. The project also holds one of the largest primary gold resources in Indonesia, amounting to 190 million tonnes of ore containing 4,8 million ounces of gold. (DK/ZH)

EMAS secures USD 350 million loan to expedite Pani project towards first gold production in 2026.