Gold Mining IPO Vaults Six Shareholders to Billionaire Status

An Indonesian miner’s initial public offering has minted at least six billionaires and added a sizable chunk to the fortune of an existing one.

PT Amman Mineral Internasional, the owner of Indonesia’s second-largest gold and copper mine, has risen 269% since its public debut in July, which was the country’s largest IPO this year and is one of the best performing in the world. The firm’s rise stands out against the fortunes of miners globally, who are grappling with accelerating inflation and interest rates.

One of the newly created billionaires is Amman Mineral’s chairman Agus Projosasmito, whose stake ...