Indonesian gold miner Agincourt Resources plans to conduct an initial public offering (IPO) on the Indonesia Stock Exchange (IDX) in 2017. The gold miner operates the Martabe Gold Mine in North Sumatra through a Contract of Work. Agincourt Resources is for 61.4 percent owned by Australia-based EMR Capital, a private equity manager that is specialized in mining resources and has deep linkages to Asian markets. Although the IDX refrained from mentioning names, it confirmed that at least one miner will IPO in Indonesia in 2017.
In March 2016 Agincourt Resources acquired the Martabe Gold Mine, which it had already been operating previously, for around USD $900 million. This mine, covering an area of 1,639 square kilometers, is estimated to contain measured reserves of 7.4 million oz of gold and 69 million oz of silver. The mine is among the largest gold mines in the world.
Indonesia's wealthiest brothers, Michael Bambang Hartono and Robert Budi Hartono (known as owners of the Djarum Group), own a 7 percent stake in Agincourt Resources.
The Indonesia Stock Exchange targets to see 30 companies conducting an IPO on the local exchange in 2017.