Merdeka Copper Gold (IDX: MDKA) reported an in-line March Q, with production of 47koz Au at an AISC of US$656/oz at Tujuh Bukit (“TB”, +5% on production, -7% on costs QoQ). At Wetar production increased 15% to 4.6kt Cu as a result of vastly improved leached and recovered copper efficiencies, despite significantly lower mined tonnes. Lerokis open pit development is on schedule for mid-year and Partalong prospect exploration continues to show significant upside potential. The TB Porphyry 50km resource definition drill program has commenced and will feed into a maiden Ore Reserve in mid-2020. Net debt reduced to US$187.6m (from US$219m QoQ). BUY, TP IDR 6,688ps.
To access the full report please log in under the Client Area at the bottom of this page.
Argonaut’s Client Area allows you to view delayed share prices, access Argonaut’s wealth of Research as well as create custom portfolios and set up company watch lists.
If you would like to access our research please contact us to create an account.