AMMN Profit Jumps 435% as Elang Project Moves Closer to Development
Mon 21 Sep 2026, 10:57 AM
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PT Amman Mineral Internasional Tbk (AMMN) maintained its profitability at the end of the first half of 2026 after successfully turning its losses into profit since the first quarter of 2026.
AMMN once again posted a surge in net profit of 434.81% year-on-year in the first half of 2026 to USD 497.93 million as of the end of June.
The soaring profit was driven by net sales, which were recorded 11.24 times higher year-on-year, reaching USD 2.05 billion in the first half of 2026.
AMMN’s operational performance report showed that the high sales figure was driven by strong production growth.
“Concentrate production increased 81% year-on-year to 347,307 dry metric tons, while copper and gold production increased 136% to 211 million pounds and 481% to 346,354 ounces, respectively,” said Arief Sidarto, President Director of AMMN, in an official statement.
Smelter refurbishment and ramp-up activities also yielded results. Copper cathode production surged 146% to 48,756 tons (107 million pounds), while refined gold production reached 122,131 ounces.
“The smelter’s performance continued to show consistent improvement and set new records in July and August 2026, when input levels reached design capacity,” AMMN management added.
Upward Revision to Gold Production Guidance
In line with the increase in ore grades, AMMN has revised up its gold concentrate production guidance for this year from 579,000 ounces to 775,000 ounces, or an increase of 34%. However, its copper-in-concentrate production guidance remains at 485 million pounds.
Not only has AMMN provided guidance for gold and copper ore mining activities, but it has also set production guidance for refined metals - copper cathodes and refined gold - as the smelter neared completion in July and began operations in August 2026.
“With the commissioning of the smelter and PMR completed, we are also releasing production guidance for refined metal products, which takes into account approximately 120,000 tons of concentrate sold during H1 2026,” AMMN management said.
The company has set a target of producing 130,000 tons of copper cathodes and 350,000 ounces of refined gold in 2026.
As a note, for its mining operations, AMMN relies on the Batu Hijau Mine and the Elang project, which cumulatively have the 10th-largest copper reserves globally, particularly following the Phase 8 reserve update.
Batu Hijau’s ore reserves increased 10.2%, while Elang’s ore reserves increased by around 2%.
AMMN’s Future Project: Elang
As production at the Batu Hijau Mine enters a declining phase, AMMN is now beginning to prepare for its development.
The Batu Hijau mine life is estimated to end in the 2031-2032 period, with stockpile processing continuing until 2033-2034. In its place, Elang is scheduled to produce its first ore in 2031-2032.
The Elang Mine is now reported to have 3.3 times more ore reserves than Batu Hijau, totaling 2.6 billion tons. Meanwhile, Elang’s mineral resources are also 1.5 times higher than those of Batu Hijau, reaching nearly 4 billion tons.
“Planning for the Elang Mine is currently underway, with the JORC report completed in Q3 2026 and the Final Investment Decision (FID) targeted for 2027,” management added.
According to AMMN management, the Elang Mine will utilize the expanded Batu Hijau integrated facilities, including a 900,000-metric-ton smelter and an 85-million-ton-per-year concentrator plant.
Going forward, AMMN’s focus will remain on stable, reliable, and sustainable operations across mining, smelting, and refining.
“Although geopolitical developments have led to higher energy costs, we remain confident in the long-term prospects for copper and gold, and believe that AMMAN is well positioned to deliver sustainable growth and long-term value,” Arief Sidarto concluded.
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