Gold miner Amman considering $1 billion Indonesian IPO

PT Amman Mineral Internasional, which owns the second-largest copper and gold mine in Indonesia, is considering an initial public offering in Jakarta that could raise as much as $1 billion, according to people with knowledge of the matter.

The company is working with financial advisers to prepare for a listing, which could happen as soon as in the first half of the year, said the people, asking not to be identified as the information is private. Deliberations are ongoing and details including size and timing of the IPO could change, they said.


Amman Mineral’s management continuously evaluates various opportunities and options for growth and will decide on the best option when conditions and timing are ripe, its representative said in response to a Bloomberg News query. She declined to comment on the IPO plans.

At $1 billion, Amman Mineral’s IPO could be the largest in Indonesia since Mitratel’s $1.3 billion share sale in November 2021, according to data compiled by Bloomberg. Indonesia has been the most active IPO market in Southeast Asia so far this year, hosting about $656 million worth of deals.

Indonesia could remain a buoyant IPO market for large listings this year. PT Pertamina Geothermal Energy is scheduled to list on Friday after raising 9.06 trillion rupiah ($596 million) in its first-time share sale. PT Nusantara Sejahtera Raya, the operator of Indonesia’s largest movie theater chain Cinema XXI, is considering an IPO that could raise as much as $1.1 billion, Bloomberg News has reported.

Amman Mineral owns a total of 25,000 hectares of concession areas with 17.5 billion pounds of copper and 23.9 million ounces of gold reserves, according to its website. The firm’s Batu Hijau mine, located on the island Sumbawa, has produced 8.78 billion pounds of copper and 8.7 million ounces of gold since it commenced operations in 2000.

Amman Mineral had explored a listing for its unit PT Amman Mineral Nusa Tenggara, which operates the Batu Hijau mine, Bloomberg News reported in 2019.c

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