Indonesia's mineral production growth will accelerate in the coming quarters, following the easing of the mineral ore export ban. Nevertheless, policy uncertainty, bureaucracy, resource nationalism and regulatory hurdles will increasingly lead to foreign miners divesting their assets and handing them over to locals over our forecast period.

Key View 4

SWOT 6

Mining SWOT 6

Industry Forecast 7

Bauxite: Strong Growth Rumbling On 7

Nickel: Output To Continue Rising 10

Coal: Production Growth To Slow Over The Coming Years 13

Copper: Grasberg Agreement Looming 16

Tin: Environmental Clampdown To Hurt Growth 18

Industry Risk/Reward Index 20

Risk/Reward Index 20

Asia Mining Risk/Reward Index 22

Regulatory Development 31

Market Strategy 34

Monthly Commodities Strategy: Reasons Behind Our Above Consensus Outlook 34

Competitive Landscape 43

Company Profile 46

PT Bumi Resources 46

PT Indo Tambangraya Megah Tbk 47

PT Timah 48

PT Antam 50

Global Company Strategy 52

Freeport-McMoRan: Operations In Indonesia Continue To Pose Risks Despite Sale 52

Regional Overview 57

Asia Key Themes 57

Mining Methodology 63

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