AMMN Stock: Amman Mineral Internasional Profile, Business, Performance and Risks

AMMN is the ticker for PT Amman Mineral Internasional Tbk, Indonesia's second-largest copper and gold mining company. It operates the Batu Hijau mine on Sumbawa Island in West Nusa Tenggara, complete with its own smelter and gold refining facility. The stock has traded on the Indonesia Stock Exchange since July 2023.

AMMN stock snapshot

As of October 18, 2026:

Amman Mineral's business

Amman Mineral runs Indonesia's second-largest copper and gold mining operation. According to Wikipedia Indonesia, as of the end of 2023 the company controlled ore reserves of 2.174 billion tonnes on Sumbawa Island.

The company's core business used to be selling raw copper concentrate. Since its smelter in Benete, West Sumbawa, reached full operation, AMMN has shifted toward downstream products: copper cathodes and refined gold through its own precious metals refinery (PMR). That shift from concentrate sales to processed products is what drove the sharp margin expansion seen in 2026, according to UOB Kay Hian research cited by Kompas.com.

AMMN also runs a small renewable energy unit, a 26.8 MWp solar power plant that began operating in 2022 to support mining operations.

Brief history and IPO

The company was founded in September 2015. A year later, in 2016, Amman Mineral acquired 82.2% of Newmont Nusa Tenggara for US$2.6 billion and renamed it Amman Mineral Nusa Tenggara. By 2020, its stake in that entity had risen to 99.99%.

Its downstream push began in 2019 through PT Amman Mineral Industri, which acquired 145 hectares of land in Benete, West Sumbawa, as the smelter site. An EPC contract for the smelter's construction was signed in 2021, and the facility was eventually inaugurated by President Joko Widodo in 2024.

AMMN went public on the Indonesia Stock Exchange in July 2023, making it one of the more recently listed base metals miners on the exchange.

Shareholders and management

The sources we checked don't provide a current shareholder breakdown or the names of AMMN's board of directors and commissioners. Investors needing this information should check the company's annual report or official disclosures at idx.co.id.

Recent financial performance

According to UOB Kay Hian Sekuritas research dated September 23, 2026, cited by Kompas.com (September 28, 2026), AMMN's second-quarter 2026 results showed a sharp recovery:

• Net profit attributable to equity holders reached US$337.8 million, up 110.9% quarter-on-quarter. In Q2 2025, the company had posted a net loss of US$10 million.
• Net sales in Q2 2026 hit US$1.24 billion, up 54% quarter-on-quarter and 589.6% year-on-year.
• Gross profit rose 81.6% quarter-on-quarter to US$622 million, with gross margin widening to 50% from 42.4% in Q1 2026.
• Operating expenses actually fell 4.4% quarter-on-quarter to US$27 million, lifting operating profit 89.3% quarter-on-quarter to US$595 million with a 47.8% margin.
• EBITDA surged 1,207% year-on-year to US$1.13 billion, though UOB Kay Hian analyst Benyamin Mikael noted this jump came off a low base since the smelter had only resumed operations in Q4 2025.

For the first half of 2026, cumulative net profit reached US$498 million, reversing a US$149 million loss in H1 2025. Concentrate sales volume in Q2 2026 reached 90,066 dry metric tonnes (dmt), nearly triple the 30,013 dmt sold in Q1 2026.

Benyamin Mikael wrote in his research note, "Performance in the first half of 2026 was in line with market consensus and our estimates." First-half net profit was said to represent about 43% of UOB Kay Hian's full-year 2026 estimate and 53% of market consensus.

For the latest quarterly or audited figures, investors should check AMMN's official financial statements at idx.co.id.

Dividends

None of the sources we checked mention AMMN's dividend history or policy. Investors looking for dividend income should check official disclosures at idx.co.id before making decisions.

AMMN share price movement

AMMN traded at Rp3,740 per share as of October 18, 2026, well below the midpoint of its 52-week range of Rp2,710 to Rp8,450. That puts the stock closer to the lower end of its annual trading band than the upper end.

Over the past month the stock fell 23.7%, over three months it dropped 5.1%, and over the past year it tumbled 52.8%. Average daily trading volume over the past three months stood at 74.83 million shares, suggesting the stock remains actively traded despite the price pressure.

Much of the recent monthly decline happened in a very short window. At Thursday's close on October 15, 2026, AMMN was still at Rp4,390 per share, up 1.39% from the previous day, according to journalistindependent.com. But in the first trading session of Friday, October 16, 2026, the stock plunged 14.8%, according to Kompas.com, alongside a broader IHSG crash of 11.25%. That 14.8% drop from Rp4,390 brought the price down to roughly Rp3,740, matching the last price in the October 18, 2026 data.

Recent news and catalysts

Several events have moved AMMN shares in recent months:

October 16, 2026, IHSG crashes on MSCI reclassification proposal. Kompas.com reported the IHSG plunged 11.25% to 5,204.018 in the second session after Morgan Stanley Capital International (MSCI) proposed reclassifying Indonesia's stock market from emerging market to standalone market status. AMMN fell 14.8% in the first session that day, alongside other large-cap stocks such as DSSA (-14.9%), BBCA (-14%), BBRI (-12.3%), and BMRI (-8.5%). Trading was even temporarily halted due to intense selling pressure; only 13 stocks gained that day.

October 15, 2026, technical trading buy signal. A day before the crash, journalistindependent.com reported AMMN closed up 1.39% at Rp4,390, supported by a Hammer candlestick pattern along with a strengthening RSI and rising trading volume. The report flagged a trading buy scenario if the price broke above Rp4,400, with support at Rp4,280 and resistance at Rp4,620. What happened the next day showed how quickly a broader macro shock can override an individual stock's technical setup.

September 28, 2026, Q2 2026 profit surge. Kompas.com reported AMMN's net profit rose 110.9% quarter-on-quarter based on UOB Kay Hian research, driven by higher concentrate sales and increased refined gold output as the precious metals refinery ramped up.

September 16, 2026, included in a pre-Fed stock pick list. Liputan6.com noted AMMN was among BNI Sekuritas' recommended stocks alongside BUMI, MEDC, and RAJA ahead of the Federal Reserve's interest rate decision, amid an IHSG under pressure from foreign selling at the time.

Peers on the Indonesia Stock Exchange

• MDKA (Merdeka Copper Gold) has a more diversified mining portfolio spanning copper, gold, and nickel across multiple sites, unlike AMMN's concentration in a single Batu Hijau complex.
• ANTM (Aneka Tambang) is a state-owned miner with gold, nickel, and bauxite product lines, with a different ownership structure than AMMN, which is controlled by a private business group.
• PSAB (J Resources Asia Pasifik) is a gold miner with a smaller operational scale compared to AMMN's integrated copper smelter and gold refinery.

Risks

• Commodity price risk. AMMN's revenue depends heavily on global copper and gold prices, which fluctuate with global demand and major economies' monetary policies.
• Operational concentration risk. All of AMMN's production relies on a single mining complex in Sumbawa along with the smelter and refinery in Benete. Disruption at this one site could significantly impact the entire company's revenue.
• Regulatory and market classification risk. MSCI's proposal to reclassify Indonesia's stock market from emerging market to standalone market, as reported by Kompas.com on October 16, 2026, could affect foreign fund flows into major IDX stocks including AMMN.
• High price volatility. AMMN's 52-week range spans from Rp2,710 to Rp8,450, an unusually wide band for a large-cap stock. A 14.8% single-session drop on October 16, 2026, shows the stock can move sharply in a short period.
• Liquidity risk during market panics. Kompas.com noted trading was temporarily halted when selling pressure peaked, a condition that can complicate order execution at certain moments.
• Historical performance isn't a guarantee going forward. The surge in profit and EBITDA in Q2 2026 largely stemmed from a low base, since the smelter only resumed full operations at the end of 2025, according to UOB Kay Hian's analyst. Whether this trend continues in subsequent quarters can't be confirmed from the data available.

What it means for investors

A few concrete things worth tracking on AMMN going forward:

• Price level relative to the 52-week range. The current Rp3,740 sits well below the midpoint of the Rp2,710-Rp8,450 range. Movement around the Rp4,280-Rp4,620 zone, the support-resistance band flagged by journalistindependent.com on October 15, 2026, could serve as a reference for whether selling pressure is easing or continuing.
• How the MSCI reclassification process unfolds. MSCI's proposal to shift Indonesia's market status from emerging to standalone, reported by Kompas.com on October 16, 2026, remains just a proposal. The final decision and its effect on foreign fund flows into large caps like AMMN is worth watching.
• Q3 and Q4 2026 earnings releases. After the sharp profit jump in Q2 2026 driven by the smelter and PMR ramp-up, subsequent quarters will show whether those elevated margins can hold or normalize.
• Daily trading volume. The 74.83 million share average over the past three months offers a benchmark for whether market interest in AMMN is rising or fading.
• High volatility calls for matching risk tolerance. The 14.8% single-session move on October 16, 2026, shows the stock can swing sharply on macro sentiment that isn't always tied directly to company performance.

How to buy AMMN shares

One lot of AMMN shares consists of 100 shares. At Rp3,740 per share as of October 18, 2026, one lot is valued at Rp374,000, excluding brokerage fees.

To buy AMMN shares, the general process is opening a securities account with a brokerage licensed by Indonesia's Financial Services Authority (OJK) and registered as an IDX exchange member. Once the account is active and funded, buy orders for AMMN can be placed through the brokerage's trading app during market hours.

This article is intended for informational purposes to help readers understand AMMN's stock profile, not a recommendation to buy or sell.