Danantara steps back from Martabe mine takeover

Indonesia’s sovereign wealth fund Danantara has clarified that it does not plan to acquire PT Agincourt Resources or take over the Martabe gold mine, signalling a possible softening of the government’s stance as it reassesses the revocation of the miner’s operating license.

Danantara Chief Operating Officer Dony Oskaria said any decision regarding Agincourt Resources and the Martabe mine remains fully under government authority, and stressed that Danantara is not pursuing an acquisition.

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

His remarks appear to temper earlier statements made in late January, when Dony said the management of the Martabe mine would be transferred to a newly established state-owned entity, Perusahaan Mineral Nasional (Perminas), following the government’s revocation of Agincourt’s mining business license.

At the time, Dony said the mine “would go to Perminas,” adding that a national mineral company had been established for that purpose. However, he has now emphasised that the legal status of Agincourt Resources is still under review and that no definitive corporate action has been taken.

“There is still a legal process underway. The owner may file an appeal, and we must remain open to that,” Dony said, adding that any decision must be carried out prudently and transparently.

According to Dony, the government is conducting a further evaluation of the permit revocation to determine the severity of the alleged violations. “We are reviewing it again—assessing the seriousness of the violations, as is normally done. From there, the nature of the wrongdoing will be determined,” he said.

Read also : Govt reviews fate of Martabe gold mine after meeting with Agincourt

The government announced on Jan. 20, 2026, that it had revoked the licenses of 28 companies suspected of contributing to environmental damage in parts of Sumatra affected by flooding and landslides. The list includes 22 forest utilization permit holders covering more than 1 million hectares, as well as six companies operating in mining, plantations, and timber forest product utilization. Agincourt Resources, which operates the Martabe gold mine in North Sumatra, was among the affected firms.

Separately, Minister of Investment and Downstreaming 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.

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 reported to the President as part of the government’s internal decision-making process.

Rosan emphasised that any decision on Martabe would be taken carefully and in accordance with the rule of law to maintain legal certainty and investor confidence.

 “Legal certainty is the main foundation in building trust and long-term, mutually beneficial partnerships between the government and investors,” he said on February 9.

Agincourt Resources is an indirect subsidiary of PT Astra International Tbk through entities under PT United Tractors Tbk, with control held via PT Danusa Tambang Nusantara. United Tractors has said it has not received any official notification regarding a potential transfer of the Martabe asset to Perminas.

The apparent recalibration of the government’s approach comes amid heightened market sensitivity following Moody’s Ratings’ decision to revise Indonesia’s sovereign outlook to negative from stable, citing policy uncertainty, as well as recent concerns raised by MSCI over transparency and governance in the domestic capital market. While officials have not explicitly linked the Martabe review to these developments, analysts note that the emphasis on due process and legal certainty reflects broader efforts to reassure investors.

Editing by Reiner Simanjuntak