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AMNT Obtains Copper Concentrate Export Permit Extension

Amman Mineral Internasional (AMMAN) subsidiary Amman Mineral Nusa Tenggara (AMNT) has once again obtained a copper concentrate export permit from the Trade Ministry. The permit extension's issuance was based on an Export Approval Letter (SPE) issued by the Energy and Mineral Resources Ministry.

The copper concentrate export quota given to AMNT this time is at 587,330 wmt (wet metric tons), or equivalent to 534,000 dmt (dry metric tons), with the permit valid until Dec. 31, 2024.

AMNT President Director Rachmat Makkasau explained that the quota was in accordance with the proposal submitted by AMNT in the 2024 work plan and budget (RKAB).

"We appreciate the government's support that allows AMNT to once again export copper concentrate. This export permit will strengthen the company's financial condition, as it is currently have high capital expenditures (capex) on various expansion projects to support smelter operations," Rachmat stated in an official release received by the media on July 26, 2024.

The granting of the export permit also serves as proof that the progress of the copper smelter project built by fellow AMMAN subsidiary Amman Mineral Industri (AMIN) is running according to the government's target. The AMNT copper smelter project has reached mechanical completion as of May 31, 2024 according to independent third-party verification, and it is overall about 95.5 percent finished.

The commissioning process for the smelter facility took place immediately afterward. The first copper cathode production is targeted for the fourth quarter (Q4) of 2024.

The Amman copper smelter facility has a total input capacity of up to 900 kilo tons per annum (ktpa) of mineral concentrates from the Batu Hijau and Elang mines. The products of this refining will be 222 ktpa of copper cathodes, around 18 tons of gold, 55 tons of silver, and around 830,000 tons of sulfuric acid per year.

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