https://www.copyright link/world/asia/presumed-president-prabowo-to-plough-ahead-on-nickel-20240215-p5f56q
Justin Werner, chief executive of ASX-listed Nickel Industries, said he predicted Mr Prabowo would stick to his campaign promise to double down on down-streaming policies championed by the outgoing president.
He noted that the government had already adjusted its investment focus as a result of falling global nickel prices and concerns about the environmental impact of nickel pig iron production in Indonesia’s mines.“They want to position themselves as a clean, class one nickel producer and that can only be done through high-pressure acid leaching. So that’s where the focus is now,” Mr Werner told The Australian Financial Review.Since Mr Widodo banned exports of unprocessed nickel in 2020, Chinese and other investors, including Nickel Industries, have spent billions of dollars developing mining and smelting production in Indonesia. Nickel supplies have flooded the market as a result and tanked prices.
‘Following the Chinese model’BHP’s nickel business and thousands of jobs in Australia are hanging by a thread, the mining giant said on Thursday, after losing $US200 million ($308 million) on its West Australian operation in a first-half result crushed by the oversupplied markets.Mr Werner said Indonesia was ready to move on to the next phase of its policy, and he expected continuity under Mr Prabowo.“They are following the Chinese model. Go and do it quickly and then come back for the second round and be a bit more refined,” Mr Werner said.Indonesian stocks jumped on Thursday as traders bet on policy consistency under Mr Prabowo, with the Jakarta Composite Index rising as much as 2.2 per cent, the most since May 2022.Mr Prabowo and his running mate, Gibran Rakabuming Raka, have pledged to transform Indonesia into a high-income economy by 2045 by building infrastructure and tapping more of Indonesia’s vast natural resources.On the campaign, the former general, who has a controversial military past, said “tenacity” was required to use Indonesia’s natural resources to advance national prosperity.“Down streaming that has been carried out, such as down streaming nickel products, will continue and will be supplemented by down streaming bauxite, copper, tin, agro products and maritime products,” he said
https://www.copyright link/world/asia/presumed-president-prabowo-to-plou...
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