Amman Mineral's Q3 2025 Performance Under Pressure

Copper Smelter Ramp-Up Challenges Continue

PT Amman Mineral Internasional Tbk (AMMN) reported a challenging third quarter in 2025 as the company continues to ramp up its copper smelter operations. The financial results show a significant deterioration compared to the same period last year, primarily due to the ongoing commissioning process of the smelter facility.

Financial Performance Highlights

• Net Loss: The company recorded a net loss of US$175 million in Q3 2025, a stark contrast to the US$720 million net profit achieved in Q3 2024.
• Revenue Decline: Net sales dropped by 78% year-on-year to US$545 million, reflecting the operational challenges faced during the smelter's ramp-up phase.
• Operational Challenges: The smelter was temporarily shut down in July-August 2025 for critical maintenance work on the Flash Converting Furnace and Sulfuric Acid Plant.
• Maintenance Impact: Management indicated that the scale of the maintenance work is substantial, with completion expected in early 2026.

Operational Context and Future Outlook

The copper smelter's ramp-up has been a complex process for AMMN, involving significant technical and operational challenges. While the temporary shutdown was necessary to address technical issues, it has impacted the company's financial performance in the short term. The maintenance work is crucial for ensuring the long-term operational stability and efficiency of the smelter.

As the company continues to work through these challenges, investors will be closely monitoring the progress of the smelter's ramp-up and its impact on AMMN's financial performance in the coming quarters.