Govt reviews fate of Martabe gold mine after meeting with Agincourt
Tuesday, February 10 2026 - 07:51 AM WIB
The government has completed its review of the revocation of PT Agincourt Resources’ mining business license for the Martabe Gold Mine in North Sumatra, with the final decision now resting with President Prabowo Subianto, according to Minister of Investment and Downstreaming/Head of the Investment Coordinating Board (BKPM) Rosan Perkasa Roeslani.
Rosan said he has met with Agincourt’s management as part of a clarification and evaluation process following the suspension of operations at Martabe after hydrometeorological disasters in Sumatra late last year, which led the government to revoke the licenses of 28 companies in the region, including Agincourt.
“In order to obtain a comprehensive and balanced understanding, the Ministry of Investment and Downstreaming has held meetings and communications with the management of Agincourt Resources as part of a clarification process and constructive dialogue,” Rosan said in a written statement on Monday (Feb. 9).
According to Rosan, the ministry conducted an inter-ministerial evaluation covering legal aspects, production technicalities, ongoing business activities, and Agincourt’s forward-looking strategy. The full results of the review have been reported directly to the President as part of the government’s internal decision-making process.
“The progress of the review and inter-agency coordination has been reported directly to the President of the Republic of Indonesia as a form of accountability and information delivery within the framework of comprehensive government policymaking,” he said.
The ministry has also received and reviewed a clarification letter from Agincourt addressing hydrological conditions, the operational environment, and compliance with land-use designations. In parallel, the government has coordinated with the Forest Area Enforcement Task Force (Satgas PKH) and other relevant ministries and agencies to ensure the process complies with applicable laws and regulations.
Rosan emphasized that any policy decision regarding Martabe will be taken carefully, transparently, and in accordance with the rule of law, in order to maintain legal certainty and investor confidence.
Read also : Minister says Martabe mine investors can appeal permit revocation
“Legal certainty is the main foundation in building trust and long-term, mutually beneficial partnerships between the government and investors, both domestic and foreign,” he said.
Agincourt Resources operates the Martabe Gold Mine in North Sumatra and is an indirect subsidiary of PT Astra International Tbk. (IDX: ASII) through entities under PT United Tractors Tbk. (IDX: UNTR), with control held via PT Danusa Tambang Nusantara.
Agincourt is among 28 companies whose operating licenses were revoked following recommendations from the Forest Area Enforcement Task Force, which cited alleged violations of forest area utilization rules, particularly in areas affected by flooding and landslides in Aceh, North Sumatra, and West Sumatra.
Speculation has emerged over the potential transfer of the Martabe asset to a state-owned entity under the sovereign wealth fund Danantara, including PT Perusahaan Mineral Nusantara (Perminas). However, UNTR management said it has not received any official notification regarding such a plan.
“Based on information we received from PT Agincourt Resources, Agincourt has not received any information regarding the plan to transfer the Martabe mine to Perminas,” UNTR said in an information disclosure to the Indonesia Stock Exchange.
Separately, UNTR said PT Agincourt Resources will comply with the legal process related to a strict liability lawsuit filed by the Ministry of Environment (KLH) amounting to Rp200.99 billion, adding that it does not expect the lawsuit to have a material impact on UNTR’s financial condition.
The government’s review comes amid heightened market sensitivity following Moody’s Ratings’ decision to revise Indonesia’s outlook to negative from stable, citing policy uncertainty, as well as recent warnings from MSCI regarding transparency in the domestic capital market—developments that have contributed to volatility in local equities.
Editing by Reiner Simanjuntak