New stock news | Indonesian gold mining company Merdeka Gold plans to conduct a secondary listing in Hong Kong through the issuance of HDR, aiming to raise at least $500 million.

Indonesian gold mining company PT Merdeka Gold Resources plans to list in Hong Kong. According to reports quoting sources familiar with the matter and listing documents, the company is aiming to list in Hong Kong as early as next month as its second listing, with plans to issue Hong Kong Depositary Receipts (HDR). If successful, this would be the first company to list in HDR form in Hong Kong in 12 years. Sources familiar with the matter revealed that the company's second listing aims to raise at least $500 million, but the final fundraising size will depend on the gold price. Discussions on the fundraising size and timeline are still ongoing. PT Merdeka Gold declined to comment. Data shows that PT Merdeka Gold's core asset is the Pani gold mine on the island of Sulawesi, with ore reserves of approximately 190 million tons and gold content of around 4.8 million ounces. The resource potential exceeds 7 million ounces, making it one of the largest gold mines in Indonesia. PT Merdeka Gold Resources is a subsidiary of PT Merdeka Copper Gold, which listed in Indonesia in September last year.