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Copper miner Amman's revenue slumped because of copper export permit delay
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The open mine of Newmont Nusa Tenggara in Batu Hijau, West Sumbawa, West Nusa Tenggara. (Tempo/Eko Siswono Toyudho)
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opper and gold miner Amman Mineral saw its revenue slump in the first half of the year because of delays in receiving mineral export permits from the government, along with other reasons.
The publicly listed miner saw its revenue drop 58 percent year-on-year (yoy) to US$580.52 million in the first half of this year. The figure is comprised of copper and gold sales, which amounted to $341.4 million and $239 million, respectively.
The company’s net profit plummeted by more than 78 percent yoy to $122 million in the first half, the company’s presentation material shows.
Arief Sidarto, the finance director of Amman Mineral, said that the firm was unable to sell its concentrate because of the delayed issuance of export permits between April 1 and July 24.
Nevertheless, the company maintained financial resilience and a healthy cash position during the first half of the year, he continued.
“We swiftly sold four months’ worth of concentrate inventory within six weeks of receiving the export permit in July 2023,” he said in a statement on Friday, explaining that Amman Mineral remained on track to deliver stronger second-half results.
Read also: Copper export ban comes too early, mining firms warn
