Jakarta, CNBC Indonesia – PT Amman Mineral Nusa Tenggara (AMNT) and PT Bumi Resources Minerals Tbk (BRMS) are closing in. This intimacy has even led to rumors that the BRMS is being annexed to Amman.
The rumor had driven BRMS’s share price wild. However, these rumors were denied by Agus Projosasmito, principal deputy director of AMNT.
“The thing is, we BRMS and AMNT have no plans to make acquisitions,” said Agus, who is also the principal director of BRMS at CNBC Indonesia on Tuesday (11/15/2022).
Following the denial of the report, shares of BRMS plummeted. As of 11:29, the decline was 2.16% to Rp 181 per share.
So far, the partnership between the two is still in the form of a sales agreement for BRMS products. Also, after the entry of Agoes Projosasmito in the management of BRMS.
This is also in line with what BRMS director Herwin Hidayat recently said. “By changing the structure to represent certain shareholders, hopefully synergies will emerge in the future,” Herwin said.
He gave an example, this synergy can occur in a mining project in Gorontalo. Besides gold, this mine also produces copper.
But in fact, the current government prohibits the export of raw materials or raw materials. Raw materials such as copper and other metals must first be processed in a smelter so that they become value-added products and can then be exported.
However, BRMS does not have a foundry. Meanwhile, investment in building a foundry is also not cheap.
To overcome this, BRMS will supply its copper production to companies that have smelters. “We will see that Amman Mineral is building a smelter,” Herwin added.
“Foundries also need a stable supply of metal concentrates to continue production,” Herwin continued.
As known, PT Amman Mineral Nusa Tenggara is building a smelter with an investment equivalent to about Rp. 14.7 trillion. This project is expected to be completed in 2024. This goal is the same as the goal for the commercial operation of the BRMS Copper Factory in Gorontalo.
The common thread for someone close to the Salim Group to secure the supply of raw materials to Amman Mineral can also be seen from other key management positions at BRMS.
In addition to Agoes, two other names entered. The two are Adrian Wicaksono as director and Teguh Boentoro as commissioner.
It should be noted that Teguh Boentoro is also a commissioner at PT Amman Mineral International. While Agoes is still Deputy Chief Manager of Amman Mineral Nusa Tenggara.
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