The Panigoro family company PT Amman Mineral Internasional Tbk (AMMN) reported an exploration expenditure of USD 6.38 million or equivalent to IDR 101.26 billion during the first quarter of 2024 (jisdor exchange rate of IDR 15,873).  

AMMN's management stated in the disclosure of information that during the first quarter, its subsidiary PT Amman Mineral Nusa Tenggara (AMNT) carried out exploration activities in IUPK Blocks I, II, and III located in Sumbawa.

"There are no exploration activities in Block IV, Lampui," said management, quoted on Friday (12/4/2024). During the first quarter, AMMN incurred total exploration costs of USD 6.38 million.  

In more detail, the total cost was USD 3.18 million for Block I Batu Hijau with the results of 30 drill holes, including those that have been completed and those that are still in process with a total of 14,561.6 meters.

Furthermore, USD 2.61 million was used for exploration activities in Elang Block II. The result was 11 holes of core drilling totaling 4,893 meters.  

The third is Block III Rinti for USD 590,000 with exploration results of core drilling of 2 drill holes including those completed or ongoing, totaling 1,374 meters.

On the other hand, Amman Mineral International President Director Alexander Ramlie said AMMN's production target is driven by high-grade fresh ore from phase 7 that will be mined and processed.  

By 2024, AMMN expects to produce 833,000 dry metric tons of concentrate. "The concentrate is projected to contain 456 million pounds of copper and slightly more than 1 million ounces of gold," Alexander said on Wednesday (27/3/2024).

In more detail, AMMN targets gold production of 1,009-kilo ounces of gold and copper production of 456 million pounds throughout 2024. Meanwhile, Adjusted C1 cost was recorded at USD 0.35 per pound.

Image source: Bisnis.com
Source: https://market.bisnis.com/read/20240412/192/1756971/amman-mineral-ammn-eksplorasi-3-iupk-habiskan-rp10126-miliar