Amman Mineral Directors Purchase Rp17 Billion in Shares, Management Confirms Personal Investment

The board of directors of PT Amman Mineral Internasional Tbk (AMMN) has purchased shares worth approximately Rp17 billion amidst market pressure that has depressed the share price this year. The transactions were recorded in the Indonesia Stock Exchange’s information disclosure on 8 July 2026 and reported to the Financial Services Authority (OJK) and the IDX. The company stated that all purchases were made for personal investment purposes. President Director Arief Sidarto bought 1.6 million shares on 30 June 2026 at a price of Rp3,105 per share, totalling around Rp4.97 billion. Director Anthony Mathias accumulated 1.69 million shares on 1-2 July 2026 at prices ranging from Rp3,120 to Rp3,510 per share, with a total value of approximately Rp5.6 billion. Director Aditya Sasmito purchased 850,000 shares on 6 July 2026 at Rp3,530 per share, amounting to around Rp3 billion. Director Lal Naveen Chandra added 1 million shares at Rp3,565 per share, worth approximately Rp3.57 billion, increasing his total ownership to 53.16 million shares. Senior Technical Analyst at Mirae Asset Sekuritas Indonesia, M Nafan Aji Gusta, views the share accumulation by the directors as more than just individual transactions. He noted that such insider buying could indicate that management sees a positive future outlook for the company, supported by solid business performance, especially as the market is currently pressured by macro sentiment and foreign capital outflows that do not reflect the company’s actual fundamentals. Nafan added that insider buying is often seen as a positive signal because it demonstrates management’s confidence in the company’s medium- to long-term growth potential. Research from BRI Danareksa Sekuritas, which initiated coverage on AMMN, gave a buy recommendation with a target price of Rp6,000 per share. BRI Danareksa analyst Andhika Audrey Eko Nugroho estimates that AMMN is entering a new growth phase in 2026, supported by increased production from Phase 8 of the Batu Hijau mine and the optimisation of its copper smelter and Precious Metal Refinery (PMR) facilities. The research projects AMMN’s revenue to reach approximately US$4 billion in 2026, a 117% increase, with EBITDA expected to rise 97% to around US$2 billion. Despite the directors’ share purchases, AMMN’s share price was still down around 44.28% year-to-date as of early July 2026, at Rp3,580 per share, though it had recovered by about 8% over the past month. Nafan added that AMMN’s prospects are also supported by the rising global prices of gold and copper, driven by increasing demand from the electric vehicle industry and data centre construction. He noted that AMMN’s specialisation in high-grade copper and gold ores gives it significant leverage to rising global commodity prices, and that the company’s relatively strong operational fundamentals could serve as a positive catalyst if production increases, operational efficiency, and strategic project development proceed as planned.