Amman Mineral Poised for Explosive Growth Through 2028, With Shares Eyed at New Highs

JAKARTA, investortrust.id — December 11, 2025 PT Amman Mineral Internasional Tbk (AMMN), Indonesia's prominent copper and gold miner, is gearing up for its most aggressive growth phase yet as it ramps up operations at the Phase 8 expansion of its Batu Hijau mine. This development is expected to drive substantial financial gains over the next five years, positioning the company as a standout in the global commodities sector.

Sucor Sekuritas, in its latest research note, reiterated a "buy" recommendation on AMMN shares, setting a target price of 11,000 rupiah ($0.70). The stock currently trades at a forward price-to-earnings (P/E) ratio of 26.5 to 16.5 times for 2026-2027, which analysts view as undervalued given the anticipated production recovery and profit surge ahead.

Andreas Yordan Tarigan, an analyst at Sucor Sekuritas, highlighted three key tailwinds for AMMN: the alignment of peak production with a bullish commodities cycle, its status as one of the world's most profitable copper-gold producers, and the potential for a 75% upside in share value from current fair-value estimates.

"With a projected 2027 P/E of 16.2 times, AMMN is trading at a significant discount to the global gold mining average of 33.3 times," Tarigan wrote. He forecasts a compound annual growth rate (CAGR) of 27% in total returns over the next three years, with a valuation target multiple of 30 times.

The Phase 8 development at Batu Hijau is described as a game-changer, slated to boost output significantly starting in 2026. Concentrate production is projected to hit 900,000 dry metric tons (a 109% year-over-year increase), containing 485 million pounds of copper (up 113%) and 579,000 ounces of gold (up 543%).

This uplift stems from higher-grade ore, the addition of a new concentrator line, and increased utilization of a new copper smelter, which is set to produce its first cathodes in early 2025. Smelter utilization is expected to reach 80% in 2026 before approaching full capacity in 2027.

Beyond Batu Hijau, AMMN's long-term expansion hinges on the Elang project, located 54 kilometers from existing operations. Elang ranks among the world's largest copper-gold systems, with estimated reserves of 25 billion pounds of copper and 35.1 million ounces of gold—equivalent to a potential sales value of $270 billion.

Commissioning is targeted for 2031.For 2025 operations, AMMN is forecast to sell 388 million pounds of copper and 463,000 ounces of gold, marking the highest output among Indonesia's listed miners. This is anticipated to fuel a 21% CAGR in revenue from 2024 to 2028, alongside a 27% CAGR in net profit, with return on equity climbing to 23% by 2028.

"These metrics solidify AMMN's position as one of the most profitable copper-gold producers globally," Tarigan noted.