PT United Tractors acquires PT Arafura Surya Alam (ASA) for $540m to expand gold mining operations, including 99.99% of ASA shares and minority interests in other subsidiaries. Transaction value to be adjusted based on ASA’s balance sheet at closing, expected no later than 23 December.

ASA holds a 20-year mining license for a 4,000-hectare area in North Sulawesi, valid until 2033, providing United Tractors with a long-term foothold. This acquisition adds a third gold mine to United Tractors’s portfolio, alongside Martabe gold mine and Sumbawa gold mine.

United Tractors’s combined gold-equivalent sales from existing mines reached 143,000oz in July 2025, a 12% increase from the previous year. J Resources Asia Pasifik, the parent company of J Resources Nusantara, is in a strategic transition phase, managing various mining assets and posting increased profits in the first half of 2025.

The acquisition by United Tractors, a subsidiary of Astra International, aims to enhance its gold mining portfolio while divesting ASA to improve J Resources’ capital flexibility. This move allows J Resources to focus on existing producing and developmental assets, ensuring strategic growth and operational efficiency.

Read more at Yahoo Finance: United Tractors to expand gold mining portfolio with ASA acquisition