PT United Tractors, a heavy equipment and mining company in Indonesia, has announced the acquisition of PT Arafura Surya Alam (ASA), a gold mining subsidiary of PT J Resources Nusantara.
This $540m deal is being executed through United Tractors' fully owned subsidiary, PT Danusa Tambang Nusantara, as part of its strategy to expand its gold mining operations.
The acquisition agreement includes 99.99% of ASA shares, minority interests in ASA and its subsidiary PT Mulia Bumi Persada, as well as shareholder loans from J Resources Nusantara, reported Deal Street Asia.
The final transaction value is subject to adjustments based on ASA’s balance sheet at the time of closing.
United Tractors expects to finalise the transaction no later than 23 December, reported Bloomberg, citing a filing.
ASA carries a 20-year mining business licence for production operations covering a 4,000-hectare concession area in Bolaang Mongondow Timur, North Sulawesi.
Issued in 2013, this licence remains valid until 2033, providing United Tractors with a long-term operational foothold in the region.
This acquisition adds a third gold mine to United Tractors's portfolio.
It currently operates the Martabe gold mine in South Tapanuli via PT Agincourt Resources and a gold mine in Sumbawa via PT Sumbawa Jutaraya.
As of July 2025, combined gold-equivalent sales from these mines reached 143,000oz, a 12% increase from the previous year.
J Resources Asia Pasifik, the parent company of J Resources Nusantara, is currently navigating a strategic transition. The company manages various assets including the Bakan mine in North Sulawesi and the Penjom mine in Malaysia. Additionally, it is developing a new mine called Doup and overseeing several sites that are in the post-mining rehabilitation phase.
In the first half of 2025, J Resources posted a 95.4% year-on-year increase in net profit to $19.7m, with revenues growing 7.8% to $140.3m.
United Tractors, a diversified subsidiary of Astra International, operates across construction equipment distribution, mining contracting, coal and gold mining, and energy sectors.
The divestment of ASA is anticipated to enhance J Resources’ capital flexibility, allowing it to concentrate on its existing producing and developmental assets.
