Tujuh Bukit Gold Mine project in Indonesia
Societe Generale supports PT Merdeka Copper Gold Tbk, bringing sustainable economic benefits to the local community
Societe Generale Corporate & Investment Banking provides a comprehensive financing and commodity hedging solution to support the construction and development of the Tujuh Bukit Gold Mine Project in Indonesia.
Located in the Banyuwangi Regency of East Java, the Tujuh Bukit Gold Project is a medium-sized gold and silver mine owned by Indonesian mining company PT Merdeka Copper Gold, which was listed on the Indonesia Stock Exchange in June 2015. The Project will use conventional open pit mining with heap leach processing to produce up to 90,000 oz of gold and 1 million oz of silver per year from 2017 to 2025.
Merdeka Copper Gold Tbk has dedicated itself to becoming a mid-tier mining company through organic growth and acquisitions. The success of Tujuh Bukit Gold Mine project helps contribute to the company’s growth, as well as sustainable development of the local community. PT Merdeka Copper Gold Tbk has granted 10% of its pre IPO shares to the regional government of Banyuwangi. The project offers the communities of the Banyuwangi Regency, particularly those who live around the gold mining location, with sustainable economic benefits from the gold mining project.
“We are very pleased to successfully close the financing of the Tujuh Bukit Gold Mine Project, an important milestone in the development of our company. SG CIB’s commercial approach and in-depth experience in understanding and navigating Indonesian laws and regulations was instrumental in achieving our mining project finance,” said David Fowler, CFO, PT Merdeka Copper Gold Tbk.