AMMN – Speeding up Batu Hijau mine' expansion

AMMN – Speeding up Batu Hijau mine' expansion Amman Mineral International (AMMN) has allocated around USD200 mn capex each year, for the next 5 years as to open Batu Hijau mine' phase 8 pit. Phase 8 of the mine is planned to produce ore in 2025-2030. Phase 7 of the Batu Hujau mine, which is currently operating, will be completed by the end of this year. According to the JORC report as of December 31, 2023, phase 8 reserves are consisting of 3.68 bn pounds of copper and 5.3 mn ounces of gold. Note that, AMMN posted copper production of 236 mn pounds (+76% yoy) and copper sales of 173 mn pounds in 1H24. Furthermore, AMMN also posted gold production of 949,895 ounces (+189% yoy) and gold sales of 344,235 ounces. This production is the highest production in the last 7 years. (Source : Bisnis Indonesia)