A Singaporean based investment holding company, Jardine Cycle & Carriage (Jardine C&C) announced on Monday, September 15, 2025 that two of its indirect subsidiaries have agreed to purchase Indonesian gold mining company Arafura Surya Alam (ASA) in a deal valued at US$540 million (Rp8.9 trillion).
Under the agreement, Danusa Tambang Nusantara (DTN) will acquire 99.99 percent of ASA’s issued share capital from J Resources Nusantara (JRN).
Meanwhile, Energia Prima Nusantara (EPN) will buy the remaining single share in ASA and one share of Mulia Bumi Persada (MBP) from individual shareholder Jimmy Budiarto. MBP’s sole share represents roughly 0.2 percent of its total equity, with ASA holding the remaining 99.8 percent.
Following the transaction, both ASA and MBP will become indirect subsidiaries of the Jardine C&C group.
DTN and EPN are wholly owned units of United Tractors, a construction machinery and mining company listed on the Indonesia Stock Exchange (IDX).
Astra International, Jardine C&C’s Jakarta-listed subsidiary, holds a 59.5 percent stake in United Tractors. Jardine C&C stated that the acquisition is designed to strengthen United Tractors’ presence in the mineral sector.
ASA, currently a non-operating company with limited financial activity, holds a mining license for the 4,000-hectare Doup mining block in North Sulawesi, Indonesia. The site contains an estimated 1.57 million ounces of gold deposits and 3.1 million ounces of gold resources. United Tractors plans to develop the brownfield site into a gold mining operation.
Gold prices were at US$3,637.87 per ounce at the time of the announcement, reflecting a nearly 40 percent increase since the start of the year. DTN serves as United Tractors’ holding company for mineral operations, focusing on gold and nickel, while EPN leads the group’s renewable energy development.
According to the filing, ASA’s enterprise value of US$540 million was determined through arm’s length negotiations and will be financed entirely through United Tractors’ internal funds. The acquisition remains subject to regulatory approval, creditor consent from JRN and ASA, and shareholder approval from JRN’s parent company, J Resources Asia Pasifik. All conditions must be settled by December 23, 2025.
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