JAKARTA. PT Amman Mineral Internasional Tbk (AMMN), the company that operates the second largest gold and copper mine in Indonesia, is currently holding an initial offering of 7.28 billion shares in an Initial Public Offering (IPO) until 16 June 2023.

Alexander Ramlie, President Director of AMMN, said that this corporate action is one of the strategic steps to develop a sustainable business in the direction of the energy transition. In addition, it is believed that this corporate action will boost demand for copper in the future.

"AMMAN's business development, starting from the construction of a smelter, increasing the capacity of the concentrator factory, to the construction of a gas power plant is a big step that will have a positive impact on the Company and stakeholders," said Ramlie, at the Investor Gathering in Jakarta last week.

The smelter that will be built by AMMN, through its subsidiary, PT Amman Mineral Industri (AMIN), will have an initial input capacity of 900 thousand tons of copper concentrate per year. Ramlie said the smelter will produce 222 thousand tons of copper cathodes, 830 thousand tons of sulfuric acid, 18 tons of gold bars, 55 tons of silver bars and other precious metals.

Meanwhile, the AMMN Gas Power Plant (PLTG) development plan is a continuation of the energy transition efforts that were implemented last year. In 2022, the company will operate the largest Solar Power Plant (PLTS) in Indonesia with a peak capacity of 26.8 megawatts.

As previously stated by idnfinancials.com, AMMN targets IPO funds to be raised as much as IDR 12.93 trillion. The public offering of shares is planned for June 28 - July 3, 2023. (KR/LM)