Amman Mineral Records A Net Loss Of 175 Million US Dollars Due To Smelters Stopping Operations

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JAKARTA - PT Amman Mineral Internasional Tbk (AMMN) recorded a net loss of 175 million US dollars in the third quarter of 2025. The cause of this loss was due to the temporary suspension of the operation of the PT Amman Mineral Nusa Tenggara (AMNT) smelter since July 2025.

Amman's President Director, Arief Sidarto, explained that the smelter facility had been temporarily suspended since July and August 2025 due to repairs to the Flash Covering Furnace (FCU) and the sulfate acid factory.

"During the repair process, we continue to strive for partial operations carefully to increase production without compromising safety," Arief said in a statement to the media, Friday, October 31.

Arief estimates that the repair of this smelter will only continue until the first half of 2026 given the scale and complexity of the work.

In terms of sales, Amman recorded net sales of 545 million US dollars supported by the start of gold sales in July. Meanwhile, EBITDA increased to 279 million US dollars with a 51 percent margin.

Meanwhile, the volume of material mined until the third quarter was recorded at 6 percent lower than year-on-year. According to Arief, this decline is a natural thing considering the volume of material mined in 2024 reached the highest level which was once expected to remain one of the greatest achievements in the lifetime of a green rock mine.

Meanwhile, during the third quarter of 2025, mining activities focused on rock-covering (waste removal) and low to medium-grade ore mining in Phase 8. As a result, the volume of fresh ore mined decreased compared to the same period last year.

However, this volume increased significantly from quarter to quarter, from 5 million tons in the second quarter to 14 million tons in the third quarter. The company's concentrate production was recorded at 310,143 dry tonne metrics, down 51 percent (yoy). The production of copper and gold reached 145 million pounds and 75,621 ounces, down 57 percent and 89 percent (yoy), respectively.

The production of copper cathodes began at the end of March 2025 with a total of 41,052 tons or the equivalent of 91 million pounds until September 2025. The pure gold production from PMR began in mid-July 2025 with 44,792 ounces during the third quarter of 2025.

Starting in 2025, companies are only allowed to sell finished metal products such as copper cathodes and pure gold, no longer in the form of concentrates like in 2024.

"This transition caused a decline in net sales to USD 545 million from around USD 2.495 billion in the same period last year.

The sale of copper cathodes contributed USD 389 million, pure gold sales of USD 155 million, and the remaining USD 1 million came from price adjustments and sales volume in 2024.