PT Amman Mineral Internasional Tbk (AMMN), through its subsidiary PT Amman Mineral Industri, is targeting the copper and gold smelter commissioning in June 2024.
Commissioning is the act of assessing the readiness and feasibility of mining equipment or operational testing of the smelter before it operates commercially.
AMMN Vice President of Corporate Communications and Investor Relations, Kartika Octaviana, said Amman is fully committed to completing the national strategic project of the copper smelter and precious metal refining (PMR) facilities.
The quarterly progress verification results for October 2023 to December 2023 of AMMAN's copper smelter construction progress have reached 76.1% of the construction plan of 72.4% (105.1%).
Meanwhile, the PMR construction progress has reached 72.7% of the construction plan of 72.1% (100.7%). The company is confident that the smelter and PMR physical construction progress is going well to reach the construction completion target at the end of May 2024 and start the commissioning process in June 2024.
"[This achievement] is AMMAN's commitment as one of the largest copper and gold mining companies in Indonesia to always be involved in the development of the national mining industry that benefits the regional and national economy," Kartika explained in a press release on Monday (5/2/2024).
When fully operating, AMMAN's total copper smelter and PMR facility input capacity is estimated at 900,000 kilotons per annum (ktpa) of concentrate from the Batu Hijau mine and Elang project.
The products of this processing will be copper cathode that reaches 222 ktpa and sulfuric acid that reaches 830 ktpa. Meanwhile, the PMR facility will produce 18 tpa of gold bars, 55 tpa of silver bars, and 70 tpa of selenium.
In September last year, AMMAN signed a Preliminary Agreement with PT Pertamina (Persero) to ensure the supply of a more environmentally friendly energy source, liquified natural gas (LNG). The gas and steam power plant facilities are currently under construction to support the operations of the copper smelter and PMR facilities.
On Monday (5/2/2024) at 09.47 WIB, AMMN shares fell 0.99% or 75 points to IDR 7,525. The market capitalization reached IDR 545.70 trillion with a PER valuation of 421.32 kli and a PBV of 8.18 times. Throughout 2024, AMMN shares are still up by 15.27%.
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