Bahlil: Agincourt’s Martabe permit not yet revoked

Energy and Mineral Resources (ESDM) Minister Bahlil Lahadalia has clarified that the mining business license of PT Agincourt Resources, operator of the Martabe gold mine in North Sumatra, has not yet been formally revoked from an administrative standpoint.

“Up to now, Martabe was announced for revocation, but the revocation must be carried out administratively by the Ministry of ESDM. As of today, there has been no administrative revocation,” Bahlil said at the Presidential Palace complex on Wednesday (Feb. 11).

His remarks signal that the government may be reassessing its earlier announcement regarding Agincourt’s permit status.

On Jan. 20, 2026, the government announced the revocation of 28 business licenses in the forestry, plantation and mining sectors in Sumatra, following recommendations from the Forest Area Enforcement Task Force (Satgas PKH). Authorities alleged the companies had violated forest utilization rules in areas affected by hydrometeorological disasters that contributed to deadly floods in Aceh, North Sumatra and West Sumatra late last year. Agincourt’s mining permit was among those listed.

Following the announcement, Indonesia’s sovereign wealth fund Danantara said it planned to transfer management of the Martabe mine to a newly established subsidiary, Perusahaan Mineral Nasional (Perminas).

However, developments this week suggest a possible softening of the government’s stance.

Investment and Downstreaming Minister and Head of the Investment Coordinating Board (BKPM) Rosan Perkasa Roeslani said the government has completed an inter-ministerial review of Agincourt’s case, with the final decision now resting with President Prabowo Subianto.

Read also : Danantara steps back from Martabe mine takeover

Rosan said the evaluation covered legal aspects, technical operations, ongoing business activities and Agincourt’s future plans, and included direct engagement with the company’s management as part of a clarification process. The results have been submitted to the President as part of internal government deliberations.

On Tuesday, Danantara clarified that it does not plan to acquire PT Agincourt Resources or take over the Martabe mine. Chief Operating Officer Dony Oskaria stressed that any decision regarding the asset remains fully under government authority.

“We are not acquiring the Martabe mine. Any follow-up actions are entirely within the government’s domain,” Dony said at the CNBC Indonesia Economic Outlook 2026 event on Feb. 10.

The reassessment comes amid heightened market sensitivity after Moody’s Ratings revised Indonesia’s sovereign outlook to negative from stable, citing policy uncertainty, while Morgan Stanley Capital International (MSCI) raised concerns over transparency in Indonesia’s capital market. The developments contributed to volatility in domestic equities.

Bahlil said the ministry is conducting a thorough review to determine whether Agincourt committed serious violations.

“We are carrying out an in-depth review. My team is conducting the study. If they are found to have committed violations, sanctions will be imposed,” he said.

“But if they are not (at fault), then we will take steps in accordance with prevailing regulations. If someone is not guilty, we cannot give a different judgment,” he added.

Bahlil said the review process has been discussed with President Prabowo.

“If no serious violations are found, it is important for us to handle this wisely,” he said.

The final decision on the future of the Martabe mine now awaits the outcome of the government’s evaluation and the President’s determination.

Editing by Reiner Simanjuntak