UNTR to Build Smelter After Acquiring PSAB Gold Mine, Completion Set for 2029
Wed 12 Aug 2026, 16:07 PM
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PT United Tractors Tbk (UNTR) is preparing to build a smelter following the acquisition of the Doup Gold Project mine from PT J Resources Asia Pasifik Tbk (PSAB).
In early 2026, UNTR, through its subsidiary PT Danusa Tambang Nusantara (DTN), completed the acquisition of the gold mine in Kotabunan District, East Bolaang Mongondow Regency, North Sulawesi. The transaction was carried out through the purchase of shares in PT Arafura Surya Alam (ASA) for USD 540 million, or around IDR 8.85 trillion.
United Tractors Human Capital & Sustainability Director Ari Sutrisno said the company is currently preparing for exploration and development at the Doup Block, including the construction of a smelter. He hopes construction of the smelter can be completed within around three years.
“This includes preparations for the construction of the smelter. The completion target is 2029,” Ari told Katadata.co.id in Jakarta, as quoted on Wednesday (August 12).
The Doup Block in North Sulawesi has proven and probable ore reserves, in accordance with JORC standards, of 1.57 million ounces of gold. Meanwhile, measured, indicated, and inferred mineral resources amount to 3.11 million ounces of gold.
On the other hand, looking at the performance of UNTR’s gold segment, the gold and other minerals mining segment posted revenue of IDR 2.4 trillion in the first half of 2026, down 66% from the same period last year. The decline was mainly caused by an 82% drop in gold sales.
Meanwhile, the gold mining businesses operated through Agincourt Resources and Sumbawa Juta Raya recorded total gold sales equivalent to 23,000 ounces through the first half of 2026. The figure was down from 125,000 ounces in the same period last year.
As of the first half of 2026, UNTR recorded net revenue of IDR 58.3 trillion, down 15% year on year from Rp68.5 trillion in the same period last year. Management said the decline was mainly driven by lower gold sales from PT Agincourt Resources.
The performance of the heavy equipment and thermal and metallurgical coal mining segments also weakened due to the lower allocation under the 2026 National Coal Work Plan and Budget (RKAB).
Net profit excluding non-recurring items fell 48% to IDR 4.3 trillion. The decline was mainly caused by lower gold sales from the Martabe Gold Mine, whose operations had been temporarily halted.
Management also said the decline in revenue was due to the lower 2026 coal RKAB allocation. The company said operations at the Martabe Gold Mine resumed in the second quarter of 2026.
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