Jakarta. Amman Mineral Internasional (AMMN) reported a net profit of $163 million in the first quarter of 2026, reversing a $138 million loss recorded in the same period last year.

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) also surged to $508 million, compared with a negative $42 million in the first quarter of 2025.

President Director Arief Sidarto said the improvement came amid changes in export policy. Since early 2025, the company has been permitted to sell only refined metal products, such as copper cathodes and gold bars, instead of raw concentrate, as was allowed in 2024.

However, the company obtained a temporary permit on Oct. 31, 2025, to export concentrate for six months through April 30, 2026.

Concentrate Exports
Net sales reached $808 million in the first quarter, reflecting a significant increase from a year earlier.

Sales were comprised of $391 million from copper cathodes, $82 million from refined gold, and $334 million from concentrate exports.

As of March 31, 2026, total debt stood at $6.47 billion, up around 1% from the end of 2025.

“The company’s debt maturity profile is structured strategically to support expansion plans, with repayments more concentrated toward the later stages of the loan period to enable long-term growth,” Arief said.

For 2026, Amman targets production of 900,000 dry metric tons of concentrate, containing 485 million pounds of copper and 579,000 ounces of gold.