Bisnis.com, JAKARTA — The world’s two largest asset managers, BlackRock Inc. and The Vanguard Group Inc., are having divergent paths in Boy Thohir-linked miner PT Merdeka Copper Gold Tbk. (MDKA).

MDKA stocks have been on an upward trend, buoyed by a sustained rally in metal prices. As of Wednesday (2/11/2026), the stock closed 2.27% higher at Rp3,160 apiece, cementing its year-to-date gain to 38.60% and extending its 12-month gain to 112.08%.

Bisnis.com, JAKARTA — BlackRock Inc. and The Vanguard Group Inc., the world’s two largest investment firms, have jointly raised stakes in PT Merdeka Copper Gold Tbk. (MDKA), riding the momentum of a global rally in gold and nickel prices.

The rally in gold and nickel has also fueled MDKA’s performance on the Indonesia Stock Exchange (IDX). As of Thursday (1/22/2026), MDKA closed 2.11% lower at Rp3,240. Despite the daily pullback, the stock has surged 42.11% on a year-to-date (YtD) basis.

Bisnis.com, JAKARTA — BlackRock and The Vanguard Group, two of the world’s largest investment firms, have taken a similar approach in PT Merdeka Copper Gold (MDKA), a gold miner often associated with tycoon Garibaldi “Boy” Thohir. Both firms have been accumulating MDKA shares since July 2025, and October saw a continuation of that trend.

MDKA has been on a downswing over the past week as gold prices dip. The stock closed down 1.16% at IDR 855 on Tuesday (28/10) and slipped 10.94% over the past week. Year to date (YtD), however, MDKA is still up by a whopping 147.11%.