Minister says Martabe mine investors can appeal permit revocation
Wednesday, February 4 2026 - 03:02 PM WIB
Investors may appeal the government’s decision to take over the Martabe gold mine in Sumatra after its mining permit was revoked, Finance Minister Purbaya Yudhi Sadewa said, according to an interview with Bloomberg TV.
“It’s not the end of the game,” Purbaya said on Tuesday, referring to the Martabe mine operated by PT Agincourt Resources. The company is controlled by PT Astra International and ultimately by multinational Jardine Matheson Holdings Ltd.
“Jardine can always complain, or complain to our government, as long as they conduct their business properly,” Purbaya told a business forum in Jakarta. “Our government is very fair.”
The Martabe mine has been caught up in a broader government crackdown following floods and landslides in Sumatra late last year that killed more than 1,000 people. Authorities have suggested that land-clearing practices by mining and resource companies may have contributed to the disaster, prompting the government to revoke permits held by more than a dozen companies on the island, including Martabe.
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Indonesia’s sovereign wealth fund, Danantara, said last week it is establishing a new company to take over the Martabe mine.
Agincourt Resources has said it respects Indonesia’s mining directives and policies, adding that its priority is to uphold good corporate governance and sustainable mining practices. United Tractors Tbk, the listed unit that controls Agincourt, and Astra International said in separate stock exchange disclosures dated January 22 that they had not received formal notification from the government regarding the permit revocation and were seeking clarification.
Purbaya described the government’s actions as part of a broader effort to clean up what he called longstanding poor practices in the mining sector, without providing further details.
He added that the permit revocations were intended to support a healthier investment climate in Southeast Asia’s largest economy. “It’s not like we are against mining,” he said. “But we are against illegal mining.”
Editing by Reiner Simanjuntak