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View all search resultsAstra’s gold miner ramps up expansions, M&A to lift output
Agincourt, a subsidiary of Astra International, is currently finalizing the US$540 million acquisition of the Doup gold project in East Bolaang Mongondow, North Sulawesi, from PT J Resources Asia Pasifik.
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A worker walks across an operational area at the Martabe gold mine in Batang Toru district's South Tapanuli, North Sumatra. The mine is operated by PT Agincourt Resources, a unit of Indonesian conglomerate PT Astra International. (JP/Ruth Dea Juwita)
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T Agincourt Resources, operator of the Martabe gold mine in South Tapanuli, North Sumatra, plans to acquire new mining assets and develop new pits across its 130,000-hectare contract area to increase production amid rising demand and soaring gold prices.
Agincourt’s vice president director, Ruli Tanio, told reporters on Thursday that the company had begun looking beyond its current concession for growth and was actively pursuing deals to buy operating assets.
“Business development is never static. There are various acquisitions that we are also trying to do. But any asset we take on must be operated to the same standards we apply here at Martabe,” Ruli said.
“We’re seeing, for example, assets that are already operating. But our assessment shows that dealing with their stakeholders would be challenging, and we may not be able to take that on.”
Read also: Antam still leans on imports as gold demand surges at home
Agincourt, a subsidiary of local conglomerate Astra International, is currently finalizing the US$540 million acquisition of the Doup gold project in East Bolaang Mongondow, North Sulawesi, from PT J Resources Asia Pasifik, with completion expected in December. It is also scouting for potential assets in Australia as part of plans to diversify its mineral portfolio.
Ruli said the company aimed to grow output by developing prospects outside its existing Martabe concession.
