Jakarta, ThedailyID — BRI Danareksa Sekuritas has initiated coverage on PT Amman Mineral Internasional Tbk (AMMN) with a “Buy” rating and a target price of Rp6,000 per share. The brokerage expects the miner to enter a new earnings growth cycle as production rebounds and downstream operations expand.
In its first research report, released on June 29, 2026, BRI Danareksa said AMMN has completed the operational transition linked to Batu Hijau Phase 8. The brokerage expects stronger financial performance to begin this year.
“AMMN is entering a significant earnings growth cycle in 2026 after completing the Batu Hijau Phase 8 transition,” analyst Andhika Audrey Eko Nugroho wrote in the report.
The company already showed signs of recovery in the first quarter. Fresh ore mining surged to 38 million tonnes, compared with around 1 million tonnes a year earlier. Consequently, concentrate production jumped 110% year-on-year to 167,800 dry metric tonnes. The output contained about 101 million pounds of copper and 136,000 ounces of gold.
BRI Danareksa forecasts AMMN will generate US$4 billion in revenue this year, up 117% from 2025. The brokerage also expects EBITDA to climb 97% to around US$2 billion.
Meanwhile, AMMN continues to expand its downstream business. During the first quarter, its smelter and Precious Metal Refinery (PMR) produced 27,700 tonnes of copper cathode and 66,200 ounces of refined gold. After the concentrate export permit expired in April, the company shifted its focus toward selling higher-value copper cathodes and refined gold.
BRI Danareksa also highlighted AMMN’s new processing facility. The company plans to feed its first ore into the plant during the second half of 2026. Once completed, the facility will lift annual processing capacity from 40 million tonnes to 85 million tonnes. The expansion will also support future production from the Elang project.
In addition, BRI Danareksa expects strong commodity fundamentals to support AMMN’s long-term growth. Demand for copper continues to rise because of electrification, artificial intelligence data centers, electric vehicles, and renewable energy projects. At the same time, limited global supply should keep the copper market in deficit. Gold prices also remain strong as central banks continue adding the precious metal to their reserves.
BRI Danareksa believes the combination of stronger mining output, growing downstream production, expanding capacity, and supportive commodity prices positions AMMN for its next phase of sustainable growth.
