United Tractors Acquires Gold Mines from J Resources in $540 Million Deal
Key Takeaways
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JAKARTA, Investortrust.id — PT United Tractors Tbk, or UNTR, has signed agreements to acquire two gold mining companies from PT J Resources Asia Pacific Tbk in a deal valued at $540 million, equal to Rp 8.8 trillion. The transaction, finalized on Friday, Sept. 12, 2025, underscores United Tractors’ strategy to expand its mineral business as it seeks to diversify beyond coal.
In the official disclosure, United Tractors said the acquisition would be carried out through subsidiaries. PT Danusa Tambang Nusantara (DTN) signed a conditional sale and purchase agreement with PT J Resources Nusantara to acquire 99.99996% of PT Arafura Surya Alam (ASA). At the same time, another subsidiary, PT Energia Prima Nusantara (EPN), entered a separate agreement with businessman Jimmy Budiarto to purchase 0.00004% of ASA and 0.2% of PT Mulia Bumi Persada (MBP).
Jimmy Budiarto controls 92.5% of J Resources Asia Pacific (PSAB). The $540 million enterprise value includes equity, shareholder loans owed by ASA to J Resources Nusantara, and balance sheet adjustments at closing.
United Tractors, a subsidiary of PT Astra International Tbk (ASII), said the deal is expected to close by Dec. 23, 2025, subject to the completion of conditions precedent.
The company emphasized that the transaction supports its long-term plan to build a stronger presence in the gold sector. It added that hedging strategies would be used to secure revenues from gold production. Despite the scale of the deal, United Tractors said the acquisition would not materially affect its operations, financial position, or legal standing.
Meanwhile, J Resources Asia Pacific confirmed that it is divesting nearly all its ownership in ASA. The miner said the sale reflects a valuation of $540 million for ASA, aligning with United Tractors’ disclosed enterprise value.
Valuation Perspective of UNTR
According to InvestingPro, United Tractors is currently trading at Rp 26,925 per share, close to the upper bound of its 52-week range of Rp 20,025–28,500. Despite this, the platform’s fair value models suggest significant upside potential. The average fair value estimate stands at Rp 35,653, implying an upside of 32.4% from the latest price, with a valuation spread ranging from Rp 27,552 to Rp 50,641.
Eighteen analysts covering the stock have issued price targets within Rp 23,000–33,000, with a consensus at Rp 27,203, reflecting a more conservative stance compared with InvestingPro’s proprietary models.
United Tractors also shows strong financial positioning, with cash holdings exceeding its debt levels and a consistent record of dividend distribution. Its financial health is ranked as “Great Performance,” supported by robust profitability and price momentum scores, although growth health remains relatively weaker.
This valuation context indicates that while analysts see moderate room for appreciation, InvestingPro’s models project a much higher intrinsic value, highlighting the market’s potential undervaluation of UNTR shares.
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