United Tractors to expand gold mining portfolio with ASA acquisition

Core Insights - PT United Tractors has announced the acquisition of PT Arafura Surya Alam (ASA) for $540 million to expand its gold mining operations [1][2] - The acquisition includes 99.99% of ASA shares and minority interests in ASA's subsidiary, with the final transaction value subject to adjustments based on ASA's balance sheet [2] - ASA holds a 20-year mining business license for a 4,000-hectare concession area in North Sulawesi, valid until 2033, adding a long-term operational foothold for United Tractors [3] Company Overview - United Tractors operates in various sectors including construction equipment distribution, mining contracting, coal and gold mining, and energy [5] - The acquisition of ASA adds a third gold mine to United Tractors' portfolio, which already includes the Martabe gold mine and a mine in Sumbawa [3] Financial Performance - As of July 2025, combined gold-equivalent sales from United Tractors' mines reached 143,000 ounces, reflecting a 12% increase from the previous year [4] - J Resources, the parent company of J Resources Nusantara, reported a 95.4% year-on-year increase in net profit to $19.7 million in the first half of 2025, with revenues growing 7.8% to $140.3 million [5]