Agincourt Respects Government Plan to Transfer Martabe Gold Mine Management

JAKARTA, Investortrust.id — PT Agincourt Resources states it respects the government’s plan to transfer management of the Martabe gold mine on Thursday, Jan 29, 2026 in South Tapanuli, North Sumatra after authorities decided to revoke the mine’s operating permit and reassign the asset to a state owned enterprise. The move is expected to ensure continuity of production while safeguarding jobs and regional economic activity.

Senior Manager of Corporate Communications at Agincourt Resources, Katarina Siburian Hardono, said the company acknowledged and complied with all government directions related to the policy shift. She said Agincourt would follow all applicable legal and administrative procedures during the transition process.

“PT Agincourt Resources respects government policy and will cooperate in complying with all administrative procedures and prevailing legal provisions,” Katarina said in an official statement issued on Thursday.

She emphasized that the company’s immediate priority remained the consistent application of good corporate governance and responsible, sustainable mining practices. According to her, regulatory compliance was essential to maintaining business certainty and ensuring long term value creation for stakeholders, including local communities and the state.

“The company will continue to prioritize regulatory compliance to ensure business certainty and operational sustainability, in line with the rights and obligations stipulated in prevailing laws and regulations,” Katarina said.

The government previously confirmed that operations at the Martabe gold mine would not be allowed to halt despite the revocation of Agincourt’s permit. Chief Operating Officer of Indonesia’s sovereign asset manager Danantara, Dony Oskaria, said a newly established state owned mining company, PT Perminas, would take over management of the asset.

“To Perminas. We have formed a new National Minerals Company, Perminas,” Dony said when asked about the future operator of the Martabe mine.

In a separate statement, State Secretary Minister Prasetyo Hadi said President Prabowo Subianto had instructed that the transition prioritize the protection of economic activity and employment for communities surrounding the mining area. He said asset management would be handed to Danantara, which would then assign operations to a relevant state owned mining company.

“If it is a mining permit, it will be handed over to Antam or MIND ID,” Prasetyo said, referring to PT Aneka Tambang and the state owned mining holding.

Agincourt Resources is majority owned, with around 95 percent of shares held by PT Danusa Tambang Nusantara, a subsidiary of PT Pamapersada Nusantara and PT United Tractors Tbk. Development of the Martabe mine began in 2008, with commercial production starting in 2012.

The Martabe mine operates under a 30 year sixth generation Contract of Work between Agincourt Resources and the government. The original concession area established in 1997 covered about 6,560 square kilometers, but after several relinquishments it has been reduced to around 130,252 hectares across South Tapanuli, Central Tapanuli, North Tapanuli, and Mandailing Natal regencies.

As of January 2022, the active operational area of the Martabe gold mine stood at about 509 hectares, located in South Tapanuli Regency. The site has been one of Indonesia’s key gold producing assets and a major employer in the Batang Toru region.

The planned transfer to state management marks a significant shift in Indonesia’s mining policy, reinforcing the government’s intention to place strategic natural resources under state control while maintaining operational continuity and environmental standards.