Amman Mineral Surpasses Astra International in Market Cap
Jakarta. The shares of copper miner Amman Mineral have continued their impressive surge, marking an almost 145 percent increase since its initial public offering.
Amman's market capitalization now stands at Rp 298 trillion, outpacing Astra International's Rp 261 trillion.
Analysts attribute the sustained rise in Amman's shares to the stability in global copper prices, which have only declined by 3 percent year to date. In contrast, zinc prices have dropped by 24 percent and nickel prices by 33 percent.
Closing at Rp 4,140 in Friday's trading, Amman's shares climbed by 4.81 percent compared to the previous day, inching closer to the target price of Rp 4,200 set by market research firm Mandiri Sekuritas.
Currently, the company is in the process of constructing a copper smelter in West Sumbawa, West Nusa Tenggara province, with an annual capacity of 900,000 tons.
Looking ahead to the next year, Amman projects a net profit of $1.25 billion, more than nine times the estimated $150 million for this year.
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