AMNT plans to launch IPO this year

Gold and copper mining company PT Amman Mineral Nusa Tenggara (AMNT) hopes to be able to launch initial public offering (IPO) this year in a bid to raise funds to help finance expansion programs.

Siendy K. Wisandana, Corporate Secretary of IDX-listed energy company PT Medco Energi Internasional Tbk, a co-owner of AMNT, said the company is currently making preparations for the planned IPO.

?Our target is for the AMNT IPO to be implemented this year,? Siendy said on Thursday as quoted by reports, but declined to provide further details.

Some analysts in the stock market speculate that AMNT may offer 30 percent of its shares to the public via IPO, which could generate proceeds of around US$900 million.

Medco acquired last year 50 percent shares in PT Amman Mineral Investama, which owns 82.2 percent shares in AMNT, formerly known as PT Newmont Nusa Tenggara.

AMNT has previously said it plans to expand production at its Batu Hijau gold and copper mine in West Nusa Tenggara Province, and also to develop copper smelter nearby as part of conditions set by the government for the company to be able to continue export of copper concentrates. (*)