JAKARTA – PT Amman Mineral Internasional Tbk (AMMN) recorded sales of only USD 2.12 million in the first quarter of 2025, marking a 99.6% decline compared to the same period last year.

AMMN’s Finance Director, Arief Sidarto, explained that the significant drop was due to the initial transition period of production in Q1 2025, during which the company carried out trial operations of its copper smelter.

“AMMN focused on commissioning the smelter and mining the outer pit of Phase 8. No sales were recorded because the first production of copper cathodes from the smelter only occurred at the end of March,” said Arief on Tuesday, 13 May 2025.

The recorded sales of USD 2.12 million in AMMN’s Q1 2025 financial report, Arief added, represented mark-to-market adjustments from previous shipments.

Arief expressed confidence that financial performance would improve following the commencement of smelter production at the end of March 2025.

Meanwhile, AMMN maintained a conservative outlook for 2025, with a production target of 430,000 dry metric tonnes of concentrate, yielding 228 million pounds of copper and 90,000 ounces of gold.

The current focus is on overburden removal at Phase 8, with ore processing to come from stockpiles and low-grade ore from the outer rim of Phase 8. A portion of the concentrate production will be allocated to support the smelter ramp-up, which began in late 2024.

By comparison, in the previous quarter, AMMN’s concentrate production reached 190,000 dry metric tonnes.

In Q1 2025, AMMN produced 79,741 dry metric tonnes of copper concentrate, containing 37 million pounds of copper and 32,340 ounces of gold. The company also produced an initial 635 tonnes of copper cathode.

To support cash flow, AMMN holds copper concentrate inventory valued at USD 1.3 billion. The company has also proposed that the government allow the simultaneous export of copper cathodes and concentrate to support liquidity during the early phase of smelter operations. (DH/KR/ZH)