Amman expands drilling: CGS targets Amman Mineral Internasional stock at IDR 7,000
Published on 10/16/2026 at 11:17 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
Amman Mineral Internasional (ID1000191109) reported exploration expenditure of USD 3.06 million in the third quarter of 2026 as drilling expanded at the Batu Hijau and Elang blocks. Kiwoom Sekuritas Indonesia published the update on October 12, 2026. Kontan reported on October 9, 2026, that CGS International Sekuritas began coverage with an IDR 7,000 target.
Three dates define the setup
On September 21, 2026, the company presented audited first-half results showing net sales of USD 2.052 billion, EBITDA of USD 1.128 billion and net income of USD 504 million. The figures came from the company's Amman Mineral Internasional earnings presentation. On October 9, 2026, CGS set its IDR 7,000 target, while on October 12, 2026, Kiwoom reported the USD 3.06 million exploration expenditure.
What changes in 2026 output?
The production plan is the clearest operating focus. The company raised its 2026 gold-in-concentrate guidance by 34.00 percent to 775,000 ounces, while introducing guidance of 130,000 tonnes for copper cathode and 350,000 ounces for refined gold. RCTI+ reported on October 1, 2026, that Nomura raised its target from IDR 5,400 to IDR 6,400 while retaining its recommendation.
Debt reduction supports the thesis
Amman also entered the second half with a stronger balance sheet. The first-half presentation showed USD 588 million of debt repaid year to date, net debt of USD 5.026 billion and net debt to EBITDA of 2.4 times. That combination gives the drilling program a financial backdrop: higher production is being pursued alongside lower leverage and completed smelter and precious metals refinery facilities.
Stock context on October 16
On the IDX, the stock was last at IDR 3,740.00 on October 16, 2026 at 4:06 p.m. WIB, after the session had closed. The quoted level sits below CGS's IDR 7,000 target, while the company's first-half sales and guidance provide the operating figures behind the analyst view.
Amman Mineral Internasional stock facts
- Company: PT Amman Mineral Internasional Tbk
- ISIN: ID1000191109
- Ticker: AMMN.JK
- Primary exchange: IDX
- Primary exchange price: IDR 3,740.00 on October 16, 2026 at 4:06 p.m. WIB
- Market capitalization: IDR 270.8 trillion (as of October 16, 2026)
- 52-week range: IDR 2,710.00-8,500.00 (as of October 16, 2026)
- Sector / Industry: Materials / copper and gold mining
Market context: Market report IDX Composite.
