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Merdeka Copper Gold, Indonesia's largest copper and gold company, says that its subsidiary will be launching a $300 million IPO

The Indonesian miner PT Merdeka Copper Gold Tbk announced on Monday that its gold mining division has received approval from the regulator for bookbuilding in preparation for an initial public offer to raise up to 4.9 trillion rupiah (300.6 million dollars).

PT Merdeka Gold Resources said it plans to issue up to 1.6 billion shares at the IPO scheduled on September 17-19.

Statement said that the company would use the proceeds to pay off debts and fund its gold mining, processing and manufacturing business.

The company's flagship mine, Pani Mountain in Sulawesi, is estimated to contain 7 million ounces gold.

Merdeka is building a processing plant for the project. It will be operational in the first quarter of next year.

The Pani gold mine is expected to produce a maximum of 500,000 ounces gold at full production.

Underwriters of the IPO have been hired by Trimegah Sekuritas Indonesia, Sinarmas Sekuritas and Indo Premier Sekuritas. Shares are expected to list on the Indonesia Stock Exchange by September 23.

(source: Reuters)