A group of investors led by private equity firm EMR Capital Group agreed to sell a 95% stake in the Martabe gold mine in Indonesia in a deal valuing the operation at US$1.21 billion, including assumed debt, The Australian Financial Review reported Aug. 9.

Deal Street Asia reported the same day that Indonesia's PT Danusa Tambang Nusantara is buying the mine. The buyer is jointly owned by PT United Tractors Tbk and PT Pamapersada Nusantara.

The consortium closed its acquisition of the Martabe mine and stakes in related companies for US$775 million in March 2016. EMR Capital Managing Director and CEO Jason Chang said the return on investment was driven by higher production compared to when the consortium bought the mine, lower operating costs and greater reserve life, according to The Australian Financial Review.

He added that the mine produced 355,000 ounces in 2017

Potential buyers have reportedly been circling the gold mine for some time now, including interested parties from China.