Amman Minerals, is the first Indonesian company to make it into MINING.COM’s ranking of world’s 50 most valuable mining companies. Amman Minerals International, has surged 213% in US dollar terms since its July debut in Jakarta to reach a market capitalization of more than $28 bn.
Amman Minerals is the owner and operator of the giant Batu Hijau copper and gold mine in production since the turn of the millennium and is developing the adjacent Elang project on the island of Sumbawa.
Elang is one of the world’s largest undeveloped copper and gold porphyry deposits and is currently in the feasibility stage. Elang boasts 4.7 mn tonnes of proven and probable copper reserves and over 15 mn ounces of gold. Indonesia has become a red-hot IPO market this year and Amman was the largest of the year so far raising more than $700m in its IPO, and now sits at number 11 on the ranking.
According to Bloomberg, Amman Minerals’ ascent has minted at least six new billionaires, including chairman Agus Projosasmito, whose stake in the company is now worth $2.7 billion. The miner’s spectacular market performance has also added $4 billion to the net worth of Anthoni Salim, who helms one of Indonesia’s largest conglomerates, taking the tycoon’s paper billions to within shouting distance of double digits.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
