AMMN – IDR55.43 tn expansion plan

AMMN – IDR55.43 tn expansion plan Amman Mineral Internasional (AMMN) is preparing IDR55.43 tn (or USD3.48 bn) in capex for a 3-year expansion plan. The funds will be allocated for a copper smelter and precious metals refinery (PMR) costing USD1.06 bn, ore processing plant expansion at USD1.54 bn, combined-cycle power plants (CCP) and LNG facilities at USD667 mn, townsite expansion for USD150 mn, and mining equipment maintenance for USD615 mn. The smelter and PMR are expected to be completed in the 2Q24, CCPP and LNG facilities in the 4Q24. The processing plant is targeted to be finished in 1Q25, and townsite development in the 2Q25. For this year, the company has budgeted USD1.41 bn in capex, followed by USD1.31 bn in 2024, and USD756 mn in 2025. The total capex of USD3.48 bn will be funded from an initial public offering (IPO), bank loans, and internal reserves. Further, AMMN aims to produce 610,000 tons of copper concentrate this year, obtained from the Batu Hijau mine and targets the production of 320 mn tons of mineral-bearing rock. (Source: Investor Daily)