Alexander Ramlie Steps Down as Amman Mineral CEO Ahead of Shareholders Meeting
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JAKARTA, investortrust.id — Alexander Ramlie has resigned from his position as President Director of PT Amman Mineral Internasional Tbk (AMMN), just one day ahead of the company’s annual general meeting scheduled for Monday, June 16, 2025.
In a formal statement to the Indonesia Stock Exchange (IDX) on Sunday, June 15, AMMN said it received Ramlie’s resignation letter on June 14. The resignation is in line with a corporate plan to appoint him as a member of the board of commissioners.
Ramlie has led AMMN since 2021 and is also one of its major shareholders. According to Forbes, his net worth stands at $2.7 billion, placing him among the top 15 richest individuals in Indonesia. Much of his equity has since been transferred to his children.
To fill the vacancy, AMMN has nominated Arief Widyawan, currently serving as Finance Director, to take over the top executive role. Widyawan has been with AMMN since 2017. Before joining the mining company, he was Managing Director at PT Rajawali Corpora and held senior roles at Goldman Sachs Pte from 1998 to 2009.
Steep First-Quarter Loss
The leadership reshuffle comes as the company posted a sharp financial downturn. In the first quarter of 2025, AMMN recorded a net loss of $137.63 million, reversing a net profit of $130.72 million in the same period a year earlier.
The company’s revenue plummeted from $601.55 million to just $2.12 million. The steepest drop came from gold sales, which collapsed from $291.17 million to $1.87 million.
Operationally, AMMN recorded a significant drop in production during the first quarter of 2025. Copper output declined by 62% to 37 million pounds, while gold production plunged 81% to 32,340 ounces. Meanwhile, concentrate output also dropped sharply by 55% to 79,741 dry metric tons.
Despite the weak performance, AMMN is continuing with a share buyback program worth up to $50 million (Rp 835 billion). The buyback window spans from April 30 to July 31, 2025, aimed at stabilizing share prices amid market fluctuations.