Indonesian copper miner Amman Mineral International said in its prospectus that it plans to go public between June 28 and July 3, raising up to 12.94 trillion rupiah ($880.6 million).
The Jakarta-based company said in its prospectus that it would use the proceeds from the IPO to repay some debt and finance several projects, including the completion of a copper smelter it is building on the island of Sumbawa.
The smelter will process 900,000 mt of copper concentrate per year to produce 220,000 mt of copper cathode, company and government data show. The smelter will cost $983 million. The Indonesian government in April exempted Amman from a ban on raw ore exports until May 2024, providing the company with a source of income to complete the smelter project, which was half completed as of January.
