Bisnis.com, JAKARTA — Indonesia’s gold producers are enjoying a favourable backdrop in 2025, lifted by the continued rally in global gold prices. Shares of key gold-mining companies — UNTR, MDKA, AMMN, BRMS, and others — have been trading briskly, with most notching notable gains.

This raises a key question: among UNTR, MDKA, AMMN, and BRMS, which player is emerging as the production leader? And how do their respective gold sales stack up?

Bisnis.com, JAKARTA — Shares of PT Merdeka Gold Resources Tbk. (EMAS) have moved slightly lower following the company’s successful IPO on September 23, 2025. Even so, analysts remain optimistic about the prospects of this MDKA subsidiary, citing several key growth catalysts.

At the close of trading on Wednesday (11/26/2025), EMAS shares stood at IDR 3,700, up 0.27%. Although still above the IPO price, the stock has slipped 10.48% over the past month.

Bisnis.com, JAKARTA — Foreign firms are seen accumulating shares of mining company PT Bumi Resources Minerals (BRMS), a joint venture between the Bakrie Groups and Salim Groups, amid a downturn in gold prices.

Gold is now trading below $4,000 per ounce following its first weekly decline since mid-August 2025. As of Wednesday morning (29/10/2025), spot gold was trading at $3,950 per ounce.