Jakarta, March 27, 2024 – PT Amman Mineral Internasional Tbk (IDX: AMMN) (“AMMAN”; the “Company"; or "We”), a company that operates the second largest copper and gold mine in Indonesia, the Batu Hijau mine, today announced its full-year 2023 financial and operational results.
“In 2023, we faced and overcame a series of challenges, such as inclement weather conditions, adverse regulatory shifts, and rising compliance costs. Our resilience led to a record-breaking year at Batu Hijau, with mining output reaching unprecedented levels. We exceeded our pre-IPO projections for copper and gold production by 14% and 24%, respectively, although we fell short of our post-IPO guidance by 7% for copper and 8% for gold. Our expansion projects, including the smelter and PMR, advanced on schedule and even surpassed our year-end goals. A pivotal moment for AMMAN was our successful listing on the Indonesia Stock Exchange (“IDX”) on July 7, 2023. Our dedication to innovation and excellence remains unwavering as we strive to surpass expectations and set new standards for the industry,” said Alexander Ramlie, President Director of AMMAN.
“The last quarter of 2023 was our strongest performing period, where the quarter-on-quarter growth of our net sales and EBITDA was at 55% and 60%, respectively. However, the record-breaking rainfall in the first few months of 2023 led to extremely high water levels at the pit bottom, forcing us to produce concentrate from stockpiles for the first seven months of 2023, which has a lower grade than fresh ore. This extreme weather negatively impacted our net income significantly. Furthermore, our net income in 2023 was also heavily affected by the new 10% export duty and 10% profit-sharing obligation (“IUPK PNBP”). It was a strenuous year, but we made significant progress in the fourth quarter. If fourth-quarter net sales were to be annualized, we would have broken the net sales record set in 2022,” said Arief Sidarto, Director of Finance of AMMAN.
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