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Indonesian gold miner Amman looking into US$600m IPO

Jakarta

PT AMMAN Mineral Nusa Tenggara, which owns the second largest copper and gold mine in Indonesia, is weighing an initial public offering that could raise as much as US$600 million, according to people familiar with the matter.

The company is working with advisers to list in Jakarta as early as the fourth quarter, said the sources. The firm also owns other prospective copper and gold mines located in West Sumbawa regency in West Nusa Tenggara province, according to its website.

Amman Mineral would be joining companies such as Lion Air, pharmaceutical firm PT Soho Global Health and PT Bank DKI in seeking a listing in Jakarta this year.

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Bloomberg News reported in March that Indonesia's biggest private carrier has been discussing a fundraising target of around US$1 billion through an IPO.

Any deal, in particular by Amman Mineral or Lion Air, would electrify the IPO market in South-east Asia's largest economy this year. Companies have raised a total of US$25.5 million through IPOs so far this year, down from US$67.7 million in the same period in 2018, according to data compiled by Bloomberg.

No final decisions have been made, and details including the size and timing of any deal could change, the sources said. A representative from Amman Mineral declined to comment.

Amman Mineral, which started operations in 2000, has produced about 3.6 million tonnes of copper and eight million ounces of gold, according to its website.

It also owns facilities that include a processing plant with 120,000 tonnes capacity per day, an 112-megawatt coal-fired power plant, a port with a ferry terminal, air services and a town site.

PT Amman Mineral Internasional controls 82.2 per cent of Amman Mineral while PT Pukuafu Indah has the remaining stake. BLOOMBERG