PT Agincourt Resources, operator of the Martabe gold mine in South Tapanuli, North Sumatra, is intensifying its expansion efforts with plans to acquire new mining assets and open additional pits across its 130,000-hectare contract area. The company aims to boost production in response to strong demand and surging gold prices.
Vice-president director Ruli Tanio said last Thursday that Agincourt has begun looking beyond its current concession and is actively exploring opportunities to purchase operating mines.
“Business development is always evolving. We are evaluating several acquisition prospects, but any asset we buy must meet the same operational standards applied at Martabe,” Ruli said.
He noted that some potential assets already in operation had been rejected due to complex stakeholder challenges. Agincourt, a subsidiary of Astra International, is currently completing a US$540 million purchase of the Doup gold project in East Bolaang Mongondow, North Sulawesi, from PT J Resources Asia Pasifik. The deal is expected to close in December.
The company is also eyeing opportunities in Australia as part of broader portfolio diversification.
Ruli said Agincourt plans to increase output by developing prospects outside the main Martabe concession. The Gambir Kapur project, located about 50km away, could produce between 100,000 and 150,000 ounces of gold annually — though production is only expected after 2029.
Other exploration areas include Rantau Panjang, South Angkola and West Angkola in North Sumatra, part of 14 prospects within Agincourt’s contract of work.
However, the company has not yet decided whether future ore from these sites will be processed in new plants or transported to the existing Martabe facility, a decision that will influence project economics.
In the near term, growth will still come from Martabe itself. Agincourt is preparing to develop the Tor Uluala pit, a roughly 50-hectare extension estimated to contain between 500,000 and 800,000 ounces of gold equivalent.
Developing the new pit will require expanded infrastructure, increasing Martabe’s operational footprint from 650 hectares to about 900 hectares by 2034, including larger tailings and waste-management areas.
Agincourt currently operates a processing plant capable of handling seven million tonnes of ore per year, producing around 200,000 ounces of gold and two million ounces of silver.
