the acquisition of Pani which is a similar sort of gold , deposit to the gold cap at Tujuh Bukit . It ’ s historically had a lot of exploration and some informal mining and has the potential to be our next significant gold mine .”
During the next three years , Moorhead highlights how his company will complete a pre-feasibility study on the Tujuh Bukit underground copper mine by investing approximately US $ 100mn . “ If successful , the mine would be a very significant underground copper gold mine that would last for more than 25 years ,” he says . Strong cash flow from operations has allowed Merdeka to refinance at both a corporate and holding company level . “ We ’ ve got a much stronger balance sheet and our market cap has increased from around $ 500mn to almost a billion ,” explains Moorhead . “ We ’ ve made some significant investments such as the oxide expansion project which sought to take advantage of the fact that we ’ ve put construction and financing risk behind us . We re-optimised the project previously constrained by finance and construction risk resulting in a mine that will produce over 1.2mn ounces of gold which is a big increase from just under 900,000 ounces in the original plan .”
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