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20261007_MDKA_Laporan Hasil Pemeringkatan_32164436_lamp2.pdf
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Rating Summary
October 5, 2026
PT Merdeka Copper Gold Tbk
Credit Ratings PEFINDO has affirmed its idA+ ratings to PT Merdeka Copper Gold Tbk (MDKA) as
General Obligation (GO) idA+/Stable well as its outstanding Shelf Registration Bond III, Shelf Registration Bond IV, and Shelf
SR Bond III idA+ Registration Bond V. Outlook for the corporate rating is stable. The corporate rating
SR Bond IV idA+ reflects MDKA’s vertically integrated operations, well-diversified business, and sizeable
SR Bond V idA+ reserves and resources. The rating is constrained by its moderate financial policy and
capital structure as well as exposure to fluctuating commodity prices.
Rating Period
October 1, 2026 – October 1, 2027 The rating may be raised if MDKA successfully executes its new projects with well-
balanced business portfolios, while consistently deleveraging in post-investment
Published Rating History mode afterward and achieves higher-than-projected revenue or EBITDA, leading to
OCT 2025 idA+/Stable stronger financial metrics and an improved financial profile. The rating may be
OCT 2024 idA+/Stable lowered if MDKA underperforms, generating lower-than-projected revenue or profit
SEP 2024 idA+/Stable margins due to weak project execution, and the Company aggressively finances
SEP 2023 idA+/Stable capital expenditure with substantial debt without being compensated by a higher
SEP 2022 idA+/Stable revenue or EBITDA, resulting in a more aggressive capital structure. A significant
deterioration in commodity prices, particularly for nickel, gold, and copper, may also
trigger a rating downgrade, as this will adversely affect its financial profile and may
increase the Company’s dependency on its financial flexibility to refinance its loans.
MDKA is engaged in mining activities and downstream nickel products. The Company
has several projects located in Tujuh Bukit at Banyuwangi and Pani at Gorontalo for
gold mining, Wetar Island, Maluku, for copper mining, Konawe at Southeast Sulawesi
for nickel mining, and the Acid Iron Metal (AIM) project, Rotary Kiln Electric Furnace
(RKEF) smelters, and nickel matte smelter at Indonesia Morowali Industrial Park,
Central Sulawesi. As of June 30, 2026, its shareholders consisted of PT Saratoga
Investama Sedaya Tbk (19.37%), PT Mitra Daya Mustika (11.88%), Garibaldi Thohir
(7.46%), PT Suwarna Arta Mandiri (5.46%), and others, including the public and
treasury shares (55.83%).
Rating Definition
Debt security rated idA indicates that the issuer’s
capacity to meet its long-term financial commitments
on the debt security, relative to other Indonesian
issuers, is strong. However, the issuer’s capacity is
somewhat more susceptible to adverse effects of
changes in circumstances and economic conditions
than higher-rated issuers. The plus (+) sign indicates
that the rating is relatively strong within its category.
Contact Analysts:
faizun.muhtada@pefindo.co.id
martin.pandiangan@pefindo.co.id
agung.iskandar@pefindo.co.id
http://www.pefindo.com
qorri.aina@pefindo.co.id October 2026
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Rating Summary
October 5, 2026
Financial Highlights
As of/for the year ended Jun-2026 Dec-2025 Dec-2024 Dec-2023
(Audited) (Audited) (Audited) (Audited)
Total adjusted assets [USD mn] 6,106.4 5,348.7 4,878.4 4,605.6
Total adjusted debt [USD mn] 2,611.6 2,074.2 1,742.0 1,587.2
Total adjusted equity [USD mn] 2,736.9 2,566.2 2,557.9 2,405.4
Total sales [USD mn] 1,402.4 1,894.8 2,239.0 1,706.8
EBITDA [USD mn] 512.2 372.9 329.3 241.5
Net income after MI [USD mn] 101.6 (62.1) (55.8) (20.7)
EBITDA margin [%] 36.5 19.7 14.7 14.2
Adjusted debt/EBITDA [X] *2.5 5.6 5.3 6.6
Adjusted debt/adjusted equity [X] 1.0 0.8 0.7 0.7
FFO/adjusted debt [%] *29.5 10.8 11.3 7.5
EBITDA/IFCCI [X] 6.8 2.9 3.0 2.7
USD exchange rate [IDR/USD] 17,856 16,782 16,162 15,416
FFO = EBITDA – IFCCI + Interest Income – Current Tax Expense
EBITDA = Operating Profit + Depreciation Expense + Amortization Expense
IFCCI = Gross Interest Expense + Other Financial Charges + Capitalized Interest; (FX Loss not included)
MI= Minority Interest *annualized
The above ratios have been computed based on information from the company and published accounts. Where applicable, some items have
been reclassified according to PEFINDO’s definitions.
DISCLAIMER
The rating contained in this report or publication is the opinion of PT Pemeringkat Efek Indonesia (PEFINDO) given based on the rating result on the date the rating
was made. The rating is a forward-looking opinion regarding the rated party’s capability to meet its financial obligations fully and on time, based on assumptions
made at the time of rating. The rating is not a recommendation for investors to make investment decisions (whether the decision is to buy, sell, or hold any debt
securities based on or related to the rating or other investment decisions) and/or an opinion on the fairness value of debt securities and/or the value of the entity
assigned a rating by PEFINDO. All the data and information needed in the rating process are obtained from the party requesting the rating, which are considered
reliable in conveying the accuracy and correctness of the data and information, as well as from other sources deemed reliable. PEFINDO does not conduct audits,
due diligence, or independent verifications of every information and data received and used as basis in the rating process. PEFINDO does not take any responsibility
for the truth, completeness, timeliness, and accuracy of the information and data referred to. The accuracy and correctness of the information and data are fully the
responsibility of the parties providing them. PEFINDO and every of its member of the Board of Directors, Commissioners, Shareholders and Employees are not
responsible to any party for losses, costs and expenses suffered or that arise as a result of the use of the contents and/or information in this rating report or publication,
either directly or indirectly. PEFINDO generally receives fees for its rating services from parties who request the ratings, and PEFINDO discloses its rating fees prior to
the rating assignment. PEFINDO has a commitment in the form of policies and procedures to maintain objectivity, integrity, and independence in the rating process.
PEFINDO also has a “Code of Conduct” to avoid conflicts of interest in the rating process. Ratings may change in the future due to events that were not anticipated
at the time they were first assigned. PEFINDO has the right to withdraw ratings if the data and information received are determined to be inadequate and/or the rated
company does not fulfill its obligations to PEFINDO. For ratings that received approval for publication from the rated party, PEFINDO has the right to publish the
ratings and analysis in its reports or publication, and publish the results of the review of the published ratings, both periodically and specifically in case there are
material facts or important events that could affect the previous ratings. Reproduction of the contents of this publication, in full or in part, requires written approval
from PEFINDO. PEFINDO is not responsible for publications by other parties of contents related to the ratings given by PEFINDO.
http://www.pefindo.com October 2026
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