Martabe gold mine transfer still under review by BKPM

The Investment and Downstream Industry Ministry/Investment Coordinating Board (BKPM) is still reviewing the plan to transfer management of the Martabe gold mine in North Sumatra Province, currently managed by PT Agincourt Resources, to the Daya Anagata Nusantara (Danantara) Investment Management Agency.

"In response to several media inquiries received by the Investment and Downstreaming Ministry/BKPM, we have implemented steps including, but not limited to, reviewing legal aspects, production techniques, ongoing business aspects, and future strategies for PT Agincourt Resources," said Investment and Downstream Industry Ministry/BKPM Head Rosan Roeslani Feb. 9, 2026.

Rosan, who is also CEO of Danantara, stated that the process was carried out carefully by considering various aspects to avoid disrupting the national investment climate. To obtain a complete and balanced understanding, his ministry has met and communicated directly with the management of PT Agincourt Resources. This step was taken as part of a clarification process and constructive dialogue regarding the management of the Martabe gold mine. Furthermore, the results of the interim study and cross-agency coordination have been reported directly to President Prabowo Subianto.

Rosan stated that the report was conducted as a form of accountability and information dissemination within the framework of comprehensive government policymaking. The Investment and Downstream Industry Ministry/BKPM has also received and reviewed a letter of clarification from PT Agincourt Resources. The letter contains explanations regarding hydrological aspects, the operational environment, and land use compliance.

"Concurrently, the government continues to coordinate with the Forest Area Enforcement Task Force (Satgas PKH) and relevant ministries and institutions to ensure that the entire process is carried out in accordance with applicable regulations," said Rosan.

He said that every policy will be implemented transparently and legally, while maintaining investment certainty. Legal certainty, Rosan added, is the main foundation for building trust and long-term partnerships between the government and domestic and foreign investors.

Previously, President Prabowo Subianto announced the termination of several permits in the plantation and mining sectors, including those managed by PT Agincourt Resources. The plan to change the management of the Martabe gold mine was revealed by Danantara COO Dony Oskaria, who is also the State-Owned Enterprise Regulatory Agency (BP BUMN) Head.

The gold mine is planned to be operated by PT Perminas, a state-owned enteprrise (SOE) established in November 2025 with Rp 44 billion of authorized capital and Rp 11 billion of initial paid-up capital. The majority of its shares are owned by PT Danantara Asset Management, Danantara's operating arm, while the government holds one series A share.

State Secretary Prasetyo Hadi stated that the decision to transfer the company's management to an SOE under Danantara took into account broader economic interests, particularly business sustainability and job creation. He said that several ongoing economic activities are still necessary for the benefit of the nation and state.

"But we must also assess whether or not these economic activities are indeed necessary for the benefit of the nation and state, [and] for the purpose of opening or creating jobs." Prasetyo elaborated.