• GOTO repurchased 223M shares in Oct 2024
In Oct 24, GoTo Gojek Tokopedia Tbk (GOTO) repurchased 223M shares, increasing its
treasury stock to 24.6B shares, representing 2.05% of total outstanding shares. This buyback
is part of GOTO’s ongoing initiative, approved by shareholders, to allocate up to USD 200M
(approximately IDR 3.1T) for share repurchases. As of 30 Sep 24, GOTO had expended around
IDR 743 billion (USD 49M) to repurchase 14.1B shares. This strategic move aims to enhance
shareholder value and reflects management’s confidence in the company’s long-term
prospects. (Bisnis Indonesia)
• INCO collaborates with GEM Co. to build an HPAL smelter worth USD 1.4B
Vale Indonesia (INCO) signed a collaboration with GEM CO., Ltd to construct a smelter with
High-Pressure Acid Leaching (HPAL) technology. The plan is that the collaboration project
with GEM Co. will become a zero-emission nickel processing plant, with a production of
60,000 tons of nickel in the form of mixed hydroxide precipitate (MHP) every year. The
investment also includes the development of a research center for knowledge transfer and
local talent development amounting to USD 40M, an ESG Compound amounting to USD 30M,
and USD 10M for community development and public facilities commitments.
(Bisnis Indonesia)
• KEJU will repurchase 4.89M shares
Mulia Boga Raya Tbk (KEJU) has announced plans to repurchase up to 4,885,993 shares,
representing approximately 0.33% of its total outstanding shares, with a maximum allocation
of Rp7.5 billion (approximately US$500,000). The buyback is scheduled to occur over a 12-
month period following approval from the Extraordinary General Meeting of Shareholders
(EGMS) set for December 17, 2024. The company intends to hold the repurchased shares as
treasury stock for up to three years, providing flexibility for future corporate actions. This
strategic move aims to stabilize KEJU’s share price and reflects management’s confidence in
the company’s intrinsic value. (Emiten News)
• MDKA reports 3Q24 performance
Merdeka Copper Gold (MDKA) announced that the company’s gold production reached
30,522 oz in 3Q24 with an average selling price of USD 2,406 per oz. Total gold production in
9M24 reached 80,043 oz, in line with the FY24 target of 100,000 – 120,000 oz. Meanwhile, sales
of copper produced by the Wetar Copper Mine, which is managed by other MDKA
subsidiaries, Batutua Kharisma Permai and Batutua Tembaga Raya (BKP-BTR) produced 3,811
tons with an average selling price of USD 4.26/lb. Copper production in 9M24 has reached
10,483 tons. In the nickel sector, the Sulawesi Cahaya Mineral (SCM) nickel mine achieved
record production of 3.70M wet metric tons (wmt) of limonite (+106% qoq) and 1.04 million
wmt of saprolite (+142% qoq). In 9M24, limonite production reached 6.69M wmt and saprolite
1.93M wmt, in line with the FY24 target. Meanwhile, for nickel processing facilities, total
production reached 33,536 tonnes, consisting of 20,557 tonnes in nickel pig iron (NPI) and
low-grade nickel matte (LGNM) and 12,979 tonnes in high-grade nickel matte (HGNM). NPI
production in 9M24 reached 63,339 tons of NPI, where the target for 2024 is 80,000-85,000
tons and 38,422 tons of LGNM with a target this year of 50,000 – 55,000 tons. In 3Q24, the ESG
HPAL project showed rapid progress with construction completion reaching 85% in line with
the commissioning target at the end of 24. In addition, the Meiming HPAL project began
commissioning on Oct 24 and is expected to operate in mid-25. For projects currently under development, like the Pani Gold Project, construction is also 19% complete and
commissioning is planned for the end of 25, with the first production targeted for early 26.
Meanwhile, construction of the AIM factory in the Indonesia Morowali Industrial Park (IMIP),
Central Sulawesi is at the final stage. From a financial perspective, MDKA’s revenue reached
USD 574.9M in 3Q24, with a total of USD 1,670.7M in 9M24. (Bisnis Indonesia)
• PSAB reports on new gold mining prospects in North Sulawesi
J Resources Asia Pacific (PSAB) reported new gold prospects in the North Sulawesi mining
area with positive economic indications. PSAB reported that the new gold mine has the
potential to have a capacity of 1.3M tons of ore per year, producing 70,000 to 100,000 oz of
gold or more than 2-3 tons a year for 10 years. The company is currently reviewing the
potential size of the gold exploration target, determining processing methods, and
conducting preliminary economic analysis studies for this new prospect. (Kontan)
