Agus Projo Sells 190 Million Shares in Amman Mineral

PT Amman Mineral Internasional Tbk (AMMN) has announced that PT AP Investment, owned by tycoon Agus Projosasmito, has offloaded its stake in the mining company by 190 million shares. Citing data from the Indonesian Central Securities Depository (KSEI), the share sale transaction reduced PT AP Investment’s holdings from 11,204,682,720 shares as of 17 March 2026 to 11,014,682,720 shares. This automatically lowered the stake in AMMN from the previous 15.45% to 15.19%. The sale of AMMN shares was conducted through Deutsche Bank, OCBC Sekuritas Indonesia, Maybank Indonesia, CGS International Sekuritas Indonesia, Mandiri Sekuritas Indonesia, and Citibank. For context, the gold and copper mining company recorded a significant decline in net profit in 2025. AMMN posted a net profit of US$258 million, down 60% year-on-year from US$642 million the previous year. According to the company’s press release, the volume of mined material in 2025 fell 9% year-on-year. AMMN stated that this decline was reasonable, as 2024 marked the peak mining volume, one of the highest throughout the life of the Batu Hijau mine. Mining activities throughout the year focused on stripping overburden layers and mining the outer portion of Phase 8 ore, characterised by low- to medium-grade ore. The volume of fresh ore mined increased 60% year-on-year, but the ore grade was lower than the previous year. As a result, longer haul distances, higher fuel prices, and lower mined material volumes led to a 10% year-on-year increase in unit mining costs in 2025, from US$2.24/t to US$2.54/t. Concentrate production reached 446,563 dry metric tonnes in 2025, down 41% year-on-year. Copper and gold production stood at 209 million pounds and 102,758 ounces, respectively, reflecting annual declines of 47% and 87%. Nevertheless, full-year concentrate production exceeded guidance by 4%, gold production by 14%, while copper production was 8% below target. The company, affiliated with the Salim Group, stated that starting in 2025, it was only permitted to sell finished metal products, such as copper cathodes and refined gold, rather than concentrate as in 2024. However, AMMN obtained a temporary concentrate export permit on 31 October 2025, valid for six months. This transition resulted in lower net sales of US$1,847 million in 2025, compared to approximately US$2,664 million in the same period the previous year. The sales comprised US$806 million from copper cathodes, production of which began in Q2; US$454 million from refined gold, with first production starting in Q3; and US$587 million from concentrate sold in Q4. “The 2025 financial performance reflects the impact of the concentrate export ban in the early part of the year and the smelter ramp-up process. Nevertheless, we recorded net sales of US$1,847 million, with performance strengthening in the second half, where Q4 contributed around 70% of full-year sales as copper smelter and Precious Metal Refinery (PMR) operations stabilised,” said Arief Sidarto, President Director of AMMN, in his official statement on Thursday (26/3/2026). He noted that 2025 was a transitional year, including the start of Phase 8 mining and smelter ramp-up challenges that temporarily pressured margins. Entering 2026, Arief said AMMN’s primary priority is to ensure stable and sustainable smelter performance.