Full Year 2024 Key Highlights
• Copper production rose by 27% year-over-year to 395 million pounds, with a sales volume of 288 million pounds.
• Gold production grew by 73% year-over-year to 802,749 ounces, accompanied by a sales volume of 611,262 ounces.
• Concentrate production rose by 39% year-over-year to 755,083 dry metric tons, while sales volume reached 570,837 dry metric tons.
• Copper, gold, and concentrate production surpassed guidance by 6%, 7%, and 6%, respectively.
• Net sales reached US$2,664 million, representing a 31% increase year-over-year.
• EBITDA was $1,426 million, reflecting a 40% increase year-over-year, with a 54% margin.
• Net income was US$642 million, up 148% year-over-year, with a 24% margin.
• The first copper cathode will be harvested in late March 2025.
Jakarta, March 20, 2025 – PT Amman Mineral Internasional Tbk (IDX: AMMN) (“AMMAN,” the “Company,” or “We”) today announced its full-year 2024 financial and operational results. Through our subsidiary, PT Amman Mineral Nusa Tenggara—the concession holder and operator of the Batu Hijau mine, Indonesia’s second-largest copper and gold mine—we continue to demonstrate strong performance and growth.
“AMMAN has once again surpassed expectations, recording notable gains in mining productivity and production across copper, gold, and concentrate—surpassing guidance by 6%, 7%, and 6%, respectively. This year also marks a milestone in gold output at Batu Hijau, a result largely attributable to high-grade ore from Phase 7 and a relentless focus on efficiency that sustains AMMAN’s standing as one of the world’s lowest-cost copper producers.
Capital projects continue apace, guided by rigorous safety standards to ensure long-term facility reliability. The smelter has entered its commissioning phase, having successfully produced the first copper anode on February 12, 2025, with the inaugural copper cathode expected in late March. As the Company transitions from selling concentrate to delivering copper cathode and gold bullion, it faces technical challenges—such as process optimization and equipment performance—whose resolution is pivotal to a smooth shift toward full-scale operations.
Beyond these operational milestones, AMMAN is redefining its strategic vision, mission, and core values to align with a technology-driven future. Central to this endeavor is a comprehensive digital transformation program designed to integrate data analytics, streamline workflows, and equip employees with next-generation tools. By uniting integrated operations, a reinvigorated corporate culture, and advanced digital capabilities, AMMAN is positioning itself for sustainable growth and long-term value creation.” said Alexander Ramlie, President Director of AMMAN.
"The record in operations translated into solid financial performance. Net sales increased by 31%, from US$2,033 million in 2023 to US$2,664 million in 2024, primarily driven by higher gold sales volume, supported by high-grade ore, along with favorable realized gold and copper prices, which rose by 23% and 10%, respectively. Our profitability also improved, in line with the increase in net sales and disciplined cost control measures. EBITDA rose by 40% to US$1,426 million from US$1,019 million in 2023, while the EBITDA margin improved from 50% to 54%. Net income surged by 148%, reaching US$642 million, with the net income margin rising from 13% to 24%. Additionally, we successfully refinanced our term loan under more favorable terms. We are pleased with our 2024 performance and remain committed to delivering sustainable growth, financial discipline, and long-term value creation through operational excellence, cost efficiency, and our strategic investments,” said Arief Sidarto, Director of Finance at AMMAN.
