According to a report on the Nikkei website on October 2, Medco Gold Resources, a major gold and copper mining operator in Indonesia, announced that it has commenced large-scale gold mining operations in northern Sulawesi. The company stated that the gold deposit holds reserves of approximately 200 tons, making it one of the largest gold mines in the country. Driven by the continued rise in gold prices, demand for gold investments in Indonesia is steadily increasing.

　　Medca Gold Resources has commenced mining operations at the Pani gold mine in Gorontalo Province on the island of Sulawesi. The mine is planned to process 7 million tons of ore annually, with a target annual gold production of 4 tons. By 2030, its ore-processing capacity will be further expanded.

　　Medca Gold Resources Co., Ltd. was listed on the Indonesia Stock Exchange on September 23. The company sold approximately 10% of its outstanding shares, raising 4.66 trillion Indonesian rupiah (about US$280 million). The company plans to use these funds to further expand its gold production capacity.

　　Indonesia is the world’s eighth-largest gold producer. An increasing number of Indonesians are viewing gold investment as a means of preserving wealth. Influenced by rising geopolitical risks and uncertainties about the domestic economic outlook, on October 1, the price of gold sold by Antam, the state-owned mining giant, reached approximately 2.23 million Indonesian rupiah per gram, hitting a new all-time high.

　　On September 29, the head of Antam revealed that the company’s gold sales are expected to increase from 43 tons in 2024 to 45 tons in 2025. It is reported that since the beginning of this year, the company has imported approximately 30 tons of gold from places such as Singapore.