UNTR to Complete Doup Acquisition & Eyes Gold Mines in Australia
Fri 21 Nov 2025, 07:46 AM
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PT United Tractors Tbk (UNTR) continues to refine its gold business through an expansion strategy. The Astra Group is finalizing the acquisition of a gold mine in North Sulawesi while also seeking acquisition opportunities in Australia.
United Tractors’ Corporate Secretary, Ari Setiyawan, revealed that UNTR is completing the acquisition of the Doup Project, one of the gold mines owned by PT J Resources Asia Pasifik Tbk (PSAB). This corporate action is scheduled to be completed no later than December 23, 2025.
“Hopefully we can close in December. We already have a CSPA (Conditional Share Purchase Agreement), followed by the fulfillment of conditions precedent. If all goes smoothly, we expect completion by December 23 at the latest—or sooner,” Ari said after a Media Visit to Besai Kemu in Lampung on Thursday (Nov 20, 2025).
In a disclosure to the Indonesia Stock Exchange on September 12, 2025, UNTR—through PT Danusa Tambang Nusantara (DTN)—signed a Conditional Share Purchase Agreement with PT J Resources Nusantara (JRN) to purchase 99.99996% of the shares of PT Arafura Surya Alam (ASA) owned by JRN.
In addition, UNTR’s controlled subsidiary PT Energia Prima Nusantara (EPN) also signed a Conditional Share Purchase Agreement with Jimmy Budiarto to purchase 0.00004% of ASA shares owned by Jimmy and 0.2% of PT Mulia Bumi Persada (MBP) shares also owned by Jimmy.
The total enterprise value of this transaction is USD 540 million. For context, ASA operates the Doup gold mine located in North Sulawesi. Jimmy Budiarto is the President Commissioner and controlling shareholder of PSAB.
UNTR is not only targeting domestic gold mines; it is also eyeing overseas acquisitions, namely in Australia. Ari said UNTR has identified several Australian mining assets in its acquisition pipeline. However, UNTR and potential sellers have not yet reached an agreement.
Last month, UNTR opened an Australian representative office in Perth to further explore potential acquisitions of gold assets on the continent. UNTR does not rule out looking at other critical minerals as well.
“We now have a representative office to better introduce (United Tractors). There are many prospects there that need closer engagement. They act as our extended arm to scout opportunities,” Ari said.
Expansion in the gold business is part of UNTR’s strategy to achieve a balanced revenue contribution from non-coal businesses by 2030. Currently, around 60% of UNTR’s revenue still comes from coal-related businesses.
To reach a 50:50 split between coal and non-coal revenue by 2030, UNTR is seeking assets that can deliver substantial contributions from non-coal segments.
“This is to balance the portfolio. Coal is already large; now we’re looking for significant minerals. There aren’t many large-prospect mines left in Indonesia, so we see many potential assets there (in Australia),” Ari explained.
Ari is confident UNTR can continue to increase the revenue contribution from non-coal businesses. This strategy will be pursued through acquiring new assets as well as expanding existing facilities or assets. “We’re accelerating (the contribution) from non-coal—this can come from minerals like nickel and gold, and also from renewable energy,” Ari emphasized.
In the renewable energy segment, UNTR is expanding through its subsidiary PT Energia Prima Nusantara (EPN). EPN Director Boy Gemino Kalauserang said the company continues to explore potential projects across various types of renewables.
Expansion will be carried out through subsidiaries, including PT Arkora Hydro Tbk (ARKO) and others. One project that EPN is ready to undertake is a Hydropower Plant (PLTA) in Aceh.
The 18-Megawatt (MW) project is being developed by EPN’s subsidiary, PT Redelong Hydro Energy (RHE). Boy said RHE has already won the tender and is awaiting a Letter of Agreement (LoA) with PT PLN (Persero). “In essence, we are exploring projects in the pipeline that appear promising,” Boy explained.
Beyond new projects, EPN is also optimizing existing assets—one of which is the Besai Kemu Mini-Hydro Power Plant (PLTM) in Way Kanan, Lampung.
The PLTM, with a capacity of 2 × 3.5 MW, is operated under EPN’s subsidiary PT Uway Energi Perdana (UEP). UEP President Director Asep Iwan Gunawan explained that the Besai Kemu PLTM consistently supplies 33.4 GWh of electricity per year to PT PLN (Persero).
With relatively high rainfall this year, electricity production from the Besai Kemu PLTM is set to surpass 40 GWh. Asep estimates that by the end of 2025, green power output from Besai Kemu could reach 44.5–45 GWh.
“We have exceeded our target to PLN, as our plan promised around 39 GWh for this year—and we’ve already surpassed it,” Asep said.
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