Jakarta, ThedailyID — Directors of PT Amman Mineral Internasional Tbk (AMMN) have collectively purchased nearly Rp17 billion worth of company shares. The move signals confidence in the miner’s long-term prospects despite continued weakness in Indonesia’s stock market.
According to disclosures submitted to the Indonesia Stock Exchange (IDX), AMMN President Director Arief Sidarto purchased 1.6 million shares on June 30, 2026. He paid Rp3,105 per share, bringing the transaction value to approximately Rp4.97 billion.
Director Anthony Mathias followed by acquiring 1.69 million shares between July 1 and July 2. He purchased the shares at prices ranging from Rp3,120 to Rp3,510. The total transaction was worth about Rp5.6 billion.
Meanwhile, Director Aditya Sasmito bought 850,000 shares on July 6 for around Rp3 billion. Director Lal Naveen Chandra also acquired another one million shares at Rp3,565 each. The purchase increased his total ownership to 53.16 million shares.
The directors reported all transactions to Indonesia’s Financial Services Authority (OJK) and the IDX. They complied with OJK Regulation No. 4 of 2024. Each filing described the purchases as personal investments.
Mirae Asset Sekuritas Indonesia Senior Technical Analyst M. Nafan Aji Gusta said investors should view the transactions as a collective signal rather than separate actions.
“The directors’ share purchases suggest management remains confident in AMMAN’s future prospects and believes the company’s fundamentals remain strong,” Nafan said.
He added that the broader market continues to face pressure from global uncertainty and foreign capital outflows. However, he said those factors do not necessarily reflect AMMN’s business performance.
The insider buying also aligns with a recent report from BRI Danareksa Sekuritas. The brokerage initiated coverage on AMMN with a Buy recommendation and a target price of Rp6,000 per share.
Analyst Andhika Audrey Eko Nugroho expects the company to enter a strong earnings growth phase in 2026. He attributed the outlook to higher production from the Phase 8 expansion at the Batu Hijau mine. He also highlighted improving downstream operations, including the copper smelter and Precious Metal Refinery (PMR).
The brokerage projects AMMN’s revenue will reach about US$4 billion in 2026. That would represent a 117% year-on-year increase. It also expects EBITDA to climb 97% to around US$2 billion. The valuation incorporates the long-term potential of the Elang Project.
Despite those projections, AMMN shares have fallen 44.28% since the beginning of the year. The stock closed at Rp3,580 on July 6, 2026. However, it has rebounded by about 8% over the past month.
Nafan said rising global copper and gold prices have recently supported the stock. Demand from electric vehicles and data center development has strengthened the outlook for copper.
“AMMAN’s portfolio is highly leveraged to copper and gold because of its high-grade ore deposits. As a result, movements in global commodity prices have a significant impact on the company’s performance,” he said.
He added that AMMN has maintained resilient operations despite commodity price volatility and changes in the global economy.
“If production growth, operational efficiency, and development projects continue as planned, they could become positive catalysts for both financial performance and the share price over the medium to long term,” Nafan said.
