PT Amman Mineral Internasional plans Hong Kong listing to raise $1B
Indonesia's copper and gold giant taps Citic Securities and Morgan Stanley for a secondary listing that could land as early as 2027
One of Indonesia’s largest copper and gold producers is heading to Hong Kong with billion-dollar ambitions. PT Amman Mineral Internasional Tbk, listed on the Indonesia Stock Exchange under the ticker AMMN, has appointed Citic Securities and Morgan Stanley to advise on a secondary listing targeting a minimum of $1 billion in fresh capital.
The offering could materialize as early as 2027, giving the company a second public market venue and access to a much deeper pool of international investors. AMMN’s market capitalization sat at roughly $14 billion by mid-2026.
From Jakarta to Hong Kong
The company debuted on the Indonesia Stock Exchange on July 7, 2023, raising approximately $709 to $715 million in what became Indonesia’s largest IPO that year. That offering was oversubscribed by 13.6 times.
Shares have fallen somewhere between 45% and 48% year-to-date by mid-2026. Rising copper prices have offered some relief recently.
Hong Kong’s primary market has been on a tear, raising nearly $35 billion in listings year-to-date in 2026.
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The assets behind the ambition
AMMN’s crown jewel is the Batu Hijau mine, located on Sumbawa Island in eastern Indonesia. It ranks as Indonesia’s second-largest copper-gold mine. Beyond Batu Hijau, the company is advancing the Elang project. In July 2026, AMMN brought a new copper smelter into production, designed to process up to 900,000 metric tons of concentrate annually.
PT Sumber Gemilang Persada holds roughly 32% of the company, Medco Energi Internasional owns about 21%, and AP Investment controls around 15%.
A trend, not an outlier
PT Merdeka Gold Resources, another Indonesian miner, raised approximately $304 million from a Hong Kong listing in June 2026.
For AMMN specifically, the $1 billion target would represent a significant step up from what Merdeka Gold achieved. A 2027 listing gives the company room to let its new smelter prove itself and potentially let the Elang project advance far enough to give investors a clearer picture of future production.
The choice of advisors pairs Citic Securities, China’s largest brokerage, with Morgan Stanley. China remains the world’s largest consumer of refined copper.