A growing number of miners in Indonesia will be forced to put the brakes on investment as the economic slowdown in China continues to drag on mineral prices. Crucially, the export ban on raw minerals will have a decisive impact on the fortunes of Indonesia's mining industry. While no official announcement has been made, our core view remains that the export ban will eventually be rolled back due to mounting economic headwinds and practical consideration.

BMI Industry View 7

SWOT 10

Industry Forecast 12

Bauxite: Export Ban To Find Limited Success 12

      Table: Indonesia - Bauxite Production Forecast 14

Coal: Digging Hard, But Risks Lurk 15

      Table: Indonesia - Select Coal Projects 16

Infrastructure Developments Underway 16

Risks To Outlook 18

      Table: Indonesia - Coal Production Forecast 19

Copper: Majors In Distress, Slowdown Ahead 19

      Table: Indonesia - Largest Copper Projects 21

      Table: Indonesia - Copper Production Forecast 23

Nickel: Healthy Growth On The Horizon 24

      Table: Indonesia - Largest Nickel Projects 25

      Table: Indonesia - Nickel Production Forecast 27

Tin: Modest Growth Ahead 28

      Table: Indonesia - Tin Production Forecast 30

Industry Risk Reward Ratings 31

Resource Nationalism On The Retreat 31

Frontier Markets Losing Attraction 31

      Table: Asia Mining Risk/Reward Ratings 32

Country Highlights 32

Australia: An Improving Landscape 32

China: Darkening Outlook 33

India: Stumbling Blocks Remain, Despite Reforms 33

Indonesia: Further Policy Moderation Ahead 34

Mongolia: Government Unlikely To Overplay Its Hand 34

Philippines: Taxing Times 35

Japan: Little Potential In Sight 36

South Korea: Few Bright Spots 37

Market Overview 38

      Table: Indonesia - Mining Industry Value & Production Forecasts 39

Regulatory Development 40

Recent Developments 40

Policy Moderation On The Cards 40

      Table: Indonesia - Export Restrictions On Select Commodities 40

New Mining Law of 2009 41

Tax Regime 42

Corruption To Remain Key Concern 43

      Table: Asia - Mining Regulatory Scorecard 43

      Table: Political Overview 44

Commodities Forecast 46

Commodity Strategy 46

Iron Ore: Fading Iron Will 46

Steel: Global Glut To Weigh On Prices 48

Aluminium: Fundamentals To Remain Weak 49

Copper: All Eyes On China 50

Lead: Outperforming Its Troubled Peers 51

Nickel: Monthly Outperformer 53

Tin: Outperforming A Weak Field 54

Zinc: Further Consolidation Likely 55

      Table: Select Commodities - Performance & BMI Forecasts 56

Competitive Landscape 58

More Downstream Investment On The Cards 58

Key Players 58

      Table: Financial Data For Key Mining Firms Listed In Indonesia 59

Company Profile 60

PT Antam 60

      Table: PT Antam - Key Financial Data 62

PT Bumi Resources 64

      Table: Bumi Resources - Key Financial Data 67

PT Indo Tambangraya Megah Tbk (ITMG) 69

      Table: ITMG - Key Financial Data 73

PT Timah 74

      Table: PT Timah - Key Financial Data 76

Global Industry Overview 78

Asia Overview 89

Methodology 97

Industry Forecast Methodology 97

Sources 98

Risk/Reward Rating Methodology 99

      Table: Mining Risk/Reward Ratings Indicators 101

      Table: Weighting Of Indicators 102

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