JAKARTA (TheInsiderStories) – PT Amman Mineral Nusa Tenggara (AMNT), previously known as Newmont Nusa Tenggara, unveils its plan to launch initial public offering (IPO) this year, the company’s key shareholder Arifin Panigoro said Tuesday (13/3).
“I want to do it quickly, but certainly this year,” Panigoro said, as quoted by detik.com.
He, however, declined to disclose the total amount shares to be offered to the public through the IPO nor the date of listing on the Indonesian Stock Exchange.
PT Medco Energi Internasional Tbk (IDX:MEDC), established by Arifin Panigoro, acquired PT Amman Mineral Internasional (AMI) on June 30, 2016, which controls 82.2 per cent shares of AMNT for US$2.6 billion.
AMI previously bought AMNT shares from Newmont Mining Corporation and Sumitomo Corporation.
The remaining 17.8 per cent shares of AMNT is owned by Pukuafu Indah. Medco Energi Internasional holds 50 per cent shares in AMNT. AMI is an Indonesian company whose shares are held by PT AP Investment (50 per cent) and PT Medco Energi International Tbk (50 per cent).
In late February, AMNT secured a copper export permit from the Energy and Mineral Resources. The permit granted the company to export 450,826 wmt of copper concentrate for the period of Feb. 15, 2018 until Feb. 15, 2019.
The company did not disclose the planned use of the IPO proceeds. However, the most likely portion of the IPO proceeds would be used to fund the company’s smelter development.
AMNT, through its affiliated company PT Amman Mineral Industri, has just completed the Environmental Impact Analysis and Environmental Management Plan, which is required before moving on to the construction stage.
The smelter plant will be built on 80 hectares of land. The development of smelter plant is in line with the government’s long-term policy to ban exports of raw materials.
The company expects the construction of copper smelter, which is estimated to cost US$1.6 billion, and its supporting facilities located at Mantun and Benete villages of Maluk sub-district to be completed as planned by end of 2021.
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