Jakarta. Sovereign wealth fund Danantara has picked the state-run Perminas to take over Agincourt Resources’ Martabe gold mine following massive land seizures linked to Sumatra disaster. 

The government has revoked the permits of 28 companies accused of causing the catastrophic landslides and floods in Sumatra. Indonesia has also stripped Agincourt Resources of its permit to run the Martabe gold mine in the North Sumatran regency of South Tapanuli. Work is now underway to have these lands managed by Danantara, which has all state enterprises under its wings.  Martabe  — one of the world’s largest gold mines — will go to Perminas, according to Danantara Chief Operating Officer Dony Oskaria on Wednesday. 

“We have just established Perminas, short for Perusahaan Mineral Nasional. … It operates right under Danantara. It belongs to us,” Dony told reporters on the margins of the Investor Daily Roundtable in Jakarta.

“All government businesses are concentrated in Danantara, right? So it makes sense to have it transferred to Danantara.”

Agincourt Resources belongs to United Tractors, the construction machinery giant owned by the conglomerate Astra Group. The company’s official website shows that Martabe’s annual processing capacity tops 6 million tons of ore, producing over 200,000 ounces of gold and 1–2 million ounces of silver each year.

Asked whether Danantara had spoken to Astra about the takeover, Dony only responded that it was not the fund’s job to do the communication part. Dony admitted that he was “unable to respond” to the question of whether the private companies would receive any compensation. He also could not give a set timeline for when Perminas will effectively manage the open-pit mine.

Dony dismissed reports of gold miner Antam’s entry into Martabe. He went on to say that Perminas is not part of the state-run mining holding MIND ID. Antam is one of MIND ID’s subsidiaries.

At the time of writing, information on the Perminas remains scarce.

The company does not have an official website. An online search took the Jakarta Globe to a story published by local news agency Tempo back in early November 2025. Tempo had quoted Brian Yuliarto, the higher education minister who also helms the Mineral Industry Agency. Brian revealed at the time that Perminas would manage minerals and radioactive materials. The Globe has reached out to Danantara to provide more details on Perminas. 

Indonesia Mining Association (IMA) is encouraging the government to make a fair assessment on whether Agincourt Resources deserves to have its permit canceled. 

“This is key to make sure that the investment climate in the mining sector remains conducive,” IMA chair Rachmat Makkasau said in a statement, while claiming that Agincourt has adopted good operational and environmental practices.

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