Flooring Guide by Cinvex JAKARTA — PT Amman Mineral Internasional Tbk. (AMMN) is widely anticipated to conclude a challenging transition phase and embark on a period of accelerated performance by the 2026 fiscal year. This optimistic outlook follows previous reports by Bisnis, which projected AMMN to enter a production recovery phase in 2026, driven by the normalization of operations subsequent to its transition to Phase 8 at the Batu Hijau Mine in West Nusa Tenggara (NTB).
The pivotal turnaround in AMMN’s performance is expected after navigating a demanding transition period in 2025. Last year, suboptimal production output exerted significant pressure on the company’s revenue and net profit figures.
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According to research from Phintraco Sekuritas, AMMN’s performance in 2025 remained under pressure, with the company’s revenue estimated to reach US$1,144.78 million, marking a substantial 57% year-on-year decline. Phintraco attributed this downturn to the low production volumes experienced during the initial stages of Phase 8, a new exploration phase that commenced following the completion of Phase 7 at the end of 2024.
Despite these headwinds, positive signals have emerged, indicating a gradual improvement in performance from Q1 2025 through Q3 2025. This trend suggests that AMMN’s production and shipment activities are steadily returning to more consistent levels compared to the beginning of the previous year.
As AMMN moves into 2026, it is poised for a more robust recovery. The Batu Hijau Mine is projected to enter a normal production phase after successfully completing its transitional period. This operational stability is expected to significantly boost sales and reduce unit costs through more efficient absorption of fixed expenses.
“Fiscal year 2026 has the potential to be a turning point for AMMN,” Phintraco highlighted in its research, which was published in mid-February 2026. This sentiment underscores the market’s expectation for a strong rebound.
Echoing this positive recovery projection, Dennis Tay, Research Analyst at Henan Sekuritas, noted that AMMN has demonstrated a remarkable transformation in both scale and operational efficiency since assuming full control in 2016. Tay highlighted a significant surge in mined ore volume, which escalated from approximately 52 million tons to an impressive 322 million tons by 2024. Simultaneously, the company successfully reduced its unit mining costs from US$3.65 per ton to a more competitive US$2.24 per ton.
“Increased asset productivity and optimal contractor management have collectively fortified AMMN’s cost base, making it notably more competitive and resilient within the industry,” Dennis stated in his published research report. Looking towards fiscal year 2026, Dennis anticipates AMMN will begin to reap the substantial benefits of vertical integration, particularly following the completion of its smelter facility in 2025.
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This state-of-the-art refining facility boasts an annual capacity of 220,000 tons of copper cathode and 830,000 tons of sulfuric acid. Additionally, its Precious Metal Refinery (PMR) is capable of producing 579,000 ounces of gold and 1.8 million ounces of silver annually. Although currently in its ramp-up phase, the AMMN smelter’s operations are projected to reach full capacity by the end of 2026. This full utilization is expected to significantly enhance revenue visibility and contribute to the normalization of the company’s margins.
With a synergistic combination of higher smelter utilization, improved ore grades, and increased production volumes, Dennis forecasts AMMN will enter a phase of accelerated profit growth. Revenue is projected to grow at a Compound Annual Growth Rate (CAGR) of 23% between 2024 and 2028, while EBITDA is expected to surge with a CAGR of 39% over the same period.
AMMAN MINERAL INTERNASIONAL TBK – TradingView
EBITDA margins are also predicted to jump from approximately 50% in 2026 to an impressive 63% by 2028. This robust outlook is strongly supported by the promising global copper price environment, driven by high demand for electrification needs, electric vehicles (EVs), digital infrastructure, and advancements in artificial intelligence (AI).
Consequently, Henan Sekuritas has issued a Buy recommendation for AMMN shares, setting a target price of IDR 9,550 per share. This target reflects a significant potential upside from the stock’s current trading levels. On the Indonesia Stock Exchange (BEI), AMMN shares were trading at IDR 4,950 per share as of Friday, March 13, a price point that reflects a 22.96% decline year-to-date.
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