Amman Mineral seeks up to $1.5 billion loan for mine expansion

Image courtesy of PT Amman Mineral

Indonesian miner PT Amman Mineral Internasional is seeking up to $1.5 billion in a loan to expand the country’s second-largest copper and gold mine, according to people familiar with the matter.

The Jakarta-based company has obtained commitments from several banks, including state-owned PT Bank Mandiri and PT Bank Negara Indonesia, for the loan, with proceeds to be spent on its Batu Hijau mine, according to the people, who declined to be identified because the discussion is private.

The company’s spokesperson declined to comment.

Amman Mineral’s shares have surged nearly seven-fold since their listing in mid-2023, tracking a rally in commodity prices. The IPO, the largest in Indonesia last year, minted at least six billionaires and added a sizable chunk to the fortune of Anthoni Salim, the tycoon who helms one of the country’s largest conglomerates, Salim Group.

(By Megawati Wijaya and Harry Suhartono)


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