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MINERAL COMMODITY - JAKARTA. The board of directors of PT Amman Mineral Internasional Tbk (AMMN) has ramped up purchases of the company's shares over the past week, signaling strong confidence in the miner's long-term business prospects despite continued pressure on Indonesia's stock market.
Based on disclosures submitted to the Indonesia Stock Exchange (IDX), AMMN President Director Arief Sidarto purchased 1.6 million shares on June 30, 2026, at Rp3,105 per share, with a total transaction value of around Rp4.97 billion.
The buying spree continued as Director Anthony Mathias acquired 1.69 million shares in transactions conducted on July 1-2, 2026, at prices ranging from Rp3,120 to Rp3,510 per share, worth approximately Rp5.6 billion.
Other members of the board also increased their holdings. Director Aditya Sasmito bought 850,000 shares on July 6 at Rp3,530 per share, valued at roughly Rp3 billion. Most recently, Director Lal Naveen Chandra acquired another 1 million shares at Rp3,565 per share, lifting his ownership in AMMN to 53.16 million shares.
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All transactions were reported to the Financial Services Authority (OJK) and the IDX in accordance with OJK Regulation No. 4 of 2024. Each filing stated that the purchases were made for personal investment purposes.
The series of insider purchases comes as AMMN's share price remains under pressure, having fallen 44.28% since the beginning of the year to Rp3,580 per share as of July 6, 2026. However, the stock has recovered about 8% over the past month, indicating improving investor sentiment.
Mirae Asset Sekuritas Indonesia Senior Technical Analyst M. Nafan Aji Gusta said the coordinated buying by AMMN's directors should be interpreted as a strong vote of confidence in the company's future rather than isolated personal transactions.
"The share accumulation by AMMAN's directors may indicate that management maintains a positive outlook on the company's future prospects and believes in the strength of its business fundamentals. This comes at a time when the broader market is facing pressure from macroeconomic sentiment and foreign capital outflows, factors that do not necessarily reflect the company's underlying business performance," Nafan said on Wednesday.
The positive outlook is consistent with a recent initiation report from BRI Danareksa Sekuritas, which assigned a Buy recommendation on AMMN with a target price of Rp6,000 per share.
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According to analyst Andhika Audrey Eko Nugroho, the mining company is entering a period of accelerated earnings growth in 2026, supported by the production ramp-up of Phase 8 at the Batu Hijau mine and higher contributions from downstream facilities, including its copper smelter and Precious Metal Refinery (PMR).
BRI Danareksa estimates AMMN's revenue will surge 117% year-on-year to around US$4 billion in 2026, while EBITDA is projected to climb 97% to approximately US$2 billion. The valuation is based on a Sum-of-the-Parts (SOTP) methodology that also reflects the long-term value of the Elang Project.
Nafan added that improving global prices of copper and gold have recently supported AMMN's share performance, driven by robust demand for copper from the electric vehicle and data center industries.
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He noted that AMMN's exposure to high-grade copper and gold reserves makes the company well positioned to benefit from favorable commodity price trends. Combined with consistently solid operational performance and ongoing production expansion, these factors could provide meaningful support for the company's earnings growth and share price over the medium to long term.
