Tambang $XAUUSD Martabe Resumes Operations, Check United Tractors (UNTR) Prospects

Indonesian gold miner, Agincourt Resources, announced that it has received approval from the Ministry of Environment to resume operations at the Martabe gold mine.

Previously, this subsidiary of PT United Tractors Tbk (UNTR) was sanctioned following allegations of environmental violations.

“That's correct, as conveyed by the relevant Ministry,” said Senior Manager of Corporate Communications at PT Agincourt Resources, Katarina Siburian Hardono, when contacted by Kontan on Thursday (26/03/2026).

Katarina stated that Agincourt welcomes the Ministry of Environment’s (KLH) decision regarding approval to continue operations at the Martabe Gold Mine.

“The company is currently making various necessary preparations and coordinating with the KLH and other relevant ministries to meet all requirements in accordance with applicable regulations,” she added.

United Tractors’ (UNTR) subsidiary also mentioned that through synergy with the government and stakeholders, PTAR remains focused on environmental protection and the implementation of the highest safety standards across all work areas, as well as providing sustainable contributions to employees, local communities, and regional development.

“This (re-issuance of the permit) is entirely within the government’s authority, which is certainly based on an evaluation of various aspects, including operational, environmental, and compliance with applicable rules and regulations,” he explained.

UNTR Performance Outlook

Senior Market Analyst at Mirae Asset Sekuritas, Nafan Aji Gusta, views the resumption of operations at the Martabe Gold Mine as a positive sentiment for the ongoing business of PT United Tractors Tbk (UNTR), especially in the gold mining sector.

According to Nafan, the operational permit opens opportunities for UNTR to maintain stable gold production at around 200,000 to 250,000 ounces per year. Additionally, the Martabe mine is considered to have a long mine life, making its prospects still attractive to support the company’s long-term performance.

“Diversifying into the gold sector adds value for UNTR, especially as a buffer when, for example, the coal business faces pressure or unfavorable price movements. This way, the company has a more diversified revenue source,” Nafan told Kontan on Friday (27/3/2026).

On the other hand, Nafan also highlighted the potential benefits from exchange rate factors. Since the average gold selling price is denominated in US dollars (AS), it can benefit the company when the rupiah exchange rate weakens again, for example approaching Rp 17,000 per US dollar.

Furthermore, he assesses that UNTR’s commitment to good corporate governance and the implementation of environmental, social, and governance (ESG) principles can also serve as a positive additional catalyst for the company’s future prospects.

Regarding stock recommendations, Nafan maintains a buy position on UNTR shares with a target price of Rp 33,975 per share.