Danantara Establishes New State-Owned Enterprise to Manage Troubled Mines. Government Urged to Pay Attention to Contracts of Work
Not long after flash floods and landslides struck South Tapanuli, North Sumatra, in late November 2025, PT Agincourt Resources halted operations at the Martabe gold mine.
Agincourt Resources’ Senior Manager and Head of Corporate Communications, Katarina Siburian Hardono, said the suspension of operations, effective 6 December 2025, was carried out in accordance with instructions from the Ministry of Environment. “The company is focusing on emergency response efforts in the affected areas,” Katarina told Tempo on Sunday, 1 February 2026.
Beyond the suspension, the Martabe gold mining permit is set to be revoked after an investigation by the Task Force for the Enforcement of Forest Areas (Satgas PKH) uncovered multiple violations. Management of the mine will be taken over by Danantara through PT Perusahaan Mineral Nasional (Perminas). However, Katarina declined to provide details when asked about the plan, including the specific violations allegedly committed by the company.
Katarina only stated that all of the company’s rights and obligations are governed by a contract of work. According to her, the company respects the government’s authority in determining strategic national policies. “The company is cooperative in following all legal procedures while continuing to safeguard its rights in accordance with prevailing laws and regulations,” she said.
Perminas is a newly established state-owned enterprise, founded in November 2025. Based on the deed registered with the General Legal Administration System (AHU) of the Ministry of Law and Human Rights, accessed by Tempo on 1 February 2026, Perminas has an authorized capital of Rp 44 billion, with an initial paid-up capital of Rp 11 billion. The majority of its shares are owned by PT Danantara Asset Management, while the government holds one Series A (golden) share.
According to its deed of establishment, Perminas has a broad scope of business activities, ranging from the mining of various metallic and non-metallic minerals to metal processing and refining.
Perminas is led by Gilarsi Wahju Setijono, former President Director of PT Pos Indonesia, who has long been involved in the fashion industry. He is accompanied on the board of directors by La Ode Tarfin Jaya, Oktoria Masniari Manurung, and Hartian Surya Widhanto.
The position of President Commissioner is held by Rauf Purnama, with Dadang Arif Abdurahman and Ridho K. Wattimena serving as commissioners. Meanwhile, Noor Mustawwim and Anton Pripambudi occupy the roles of independent commissioners.
Plans for Perminas to manage the Martabe gold mine were conveyed by Danantara’s Chief Operating Officer, Dony Oskaria, on Wednesday, 28 January 2026. This was confirmed the following day by Minister of State Secretary Prasetyo Hadi.
Danantara Chief Executive Officer Rosan Roeslani said the company is still awaiting instructions from the President, including the takeover scheme. “We are waiting for guidance at this point,” Rosan said at Wisma Danantara on Friday, 30 January 2026.
Wishnu Try Utomo, Director of Mining Policy at the Center of Economic and Law Studies (Celios), said the government should strengthen legal certainty. He emphasized that imposing sanctions on companies that commit violations and restoring environmental damage are far more urgent priorities.
If the state focuses solely on taking over mines, Wishnu warned, troubled operations could be deliberately left unaddressed until they are ready for acquisition.
Meanwhile, without law enforcement and environmental restoration, Wishnu said the greatest risks of mining activities are borne by communities and the environment. There are also risks to the investment climate. “Isn’t weak legal certainty exactly what makes investors leave or hesitate to invest in Indonesia?” he said.
At present, PT Agincourt Resources is being sued by the Ministry of Environment at the South Jakarta District Court. The company faces a claim for damages of up to Rp 200 billion. The lawsuit, filed on 20 January 2026 and registered under case number 62/Pdt.Sus-LH/2026/PN JKT.SEL concerns alleged actions that caused environmental damage and pollution.
According to Aryanto Nugroho, National Coordinator of Publish What You Pay (PWYP), a civil society organization advocating transparency, legal certainty is the primary currency of investment. He reminded that the Martabe gold mine operates under a contract of work regime and enjoys strong contractual protections. Therefore, the transfer of assets before a final and binding court decision (inkracht) is issued must not take place.
Environmental issues, he said, cannot be used as an entry point for unilateral nationalization of assets. “The government must be extremely careful in safeguarding the integrity of the legal system so that it is not seen as engaging in disguised nationalization that damages Indonesia’s global investment image,” Aryanto said on Sunday, 1 February 2026.
Separately, Chairman of the Indonesian Mining Professionals Association (Perhapi), Sudirman Widhy Hartono, explained that the termination of mining contracts of work is not carried out through license revocation, but through contract termination by the relevant technical ministry based on a proportionate evaluation.
“The government should be cautious if it plans to unilaterally terminate mining contracts of work, as this would set a bad precedent for the mining investment climate,” Sudirman said.
Meanwhile, Minister of State Secretary Prasetyo Hadi said the decision to transfer company management to a state-owned enterprise under Danantara was made with broader economic interests in mind, particularly business continuity and job creation.
He said several ongoing economic activities remain necessary for national interests. “But we also have to consider that these economic activities are indeed necessary for the interests of the nation and the state, especially for opening up or creating jobs. Why shouldn’t we continue them?” Prasetyo said.
Source: Tempo