AMMAN Reports 2023 Interim Results - Resilient Despite Inclement Weather and Export Restriction

Press Release
AMMAN Reports 2023 Interim Results - Resilient Despite Inclement Weather and Export Restriction
Jakarta, 29 September 2023 – PT Amman Mineral Internasional Tbk (IDX: AMMN) (“AMMAN, the “Company,” or “we”), a fully integrated and globally significant copper and gold producer, today announced its six-month financial and operational results ended 30 June 2023.

“We managed to overcome multiple exogenous challenges and maintained optimal utilization of our plant and equipment in very challenging conditions. We experienced severe rainfall, nearly double the historical yearly average, for almost seven months from October 2022 to April 2023. During that time, we could not access fresh ore from Phase 7, and we focused instead on Phase 8 waste removal to optimize operations. As we transitioned to dry season, we stepped up the pumping of pit water, enabling us to access the high-grade fresh ore one-and-a-half months ahead of schedule. As a result, we will surpass pre-IPO production targets for FY2023,” said Alexander Ramlie, President Director of AMMAN. “We will continue to focus on operational improvement and remain committed to sustainable practices in our mining, processing, and smelting activities. AMMAN is well-positioned to capitalize on the growing demand for copper globally, which is essential for the transition to cleaner and more sustainable energy sources. We aim to be a major force in supporting the country’s strategic focus on downstream development and empowering neighboring communities.”

“Despite being unable to sell our concentrate due to the delayed issuance of our export permit from April 1 to July 24, 2023, we maintained Financial resilience and a healthy cash position during the first half of 2023. We swiftly sold four months’ worth of concentrate inventories within six weeks of receiving the export permit in July 2023,” said Arief Sidarto, Director of Finance of AMMAN. “Our results highlight the operational discipline and prudent Financial management to which we continuously adhere. We remain on track to deliver stronger second-half results and achieve improved full-year 2023 guidance. We are expected to complete more than 70% of our smelter project by December 2023, with mechanical completion targeted in May 2024.” 
Other News