The Future of the Indonesian Mining Industry: Recommendations to [PDF]

7KH)XWXUHRIWKH,QGRQHVLDQ0LQLQJ,QGXVWU\ 5HFRPPHQGDWLRQVWR3ROLF\0DNHUV ,QGUD3UDGDQD6,1*$:,1$7$ 5LWVXPHLNDQ$VLD3DFL¿F8QLYHUVLW\

$EVWUDFW 7KLV SDSHU GLVFXVVHV WKH FRQGLWLRQ RI ,QGRQHVLDQ PLQLQJ LQGXVWU\ IRU SDVW VHYHQ\HDUVGXULQJZKLFKPLQLQJLVVXHKDVDJDLQEHFRPHDPDMRULVVXHLQWKH FRXQWU\%\SURYLGLQJDEULHIDQDO\VLVEDVHGRQWKH¿HOGZRUNIRXQGLQJSULPDU\ GDWD  DQG VHFRQGDU\ GDWD ERWK IURP WKH SUR DQG DQWLPLQLQJ SHUVSHFWLYH WKH¿QDOSDUWRIWKLVSDSHUSURYLGHVVRPHFRQFOXVLRQVDQGUHFRPPHQGDWLRQV UHJDUGLQJ WKH LVVXH 7KH SDSHU PRXQWV DQ DUJXPHQW DJDLQVW WKRVH ZKR SURSRVHGWKDWWKHJRYHUQPHQWFORVHGRZQDOOPLQLQJSURMHFWVLQ,QGRQHVLDDV WKHFRVWWKDWZRXOGEHIDFHGE\,QGRQHVLDZRXOGEHKLJKHUWKDQWKHEHQH¿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¶V HFRQRP\DQGEXVLQHVVVHFWRUWKHPLQLQJVHFWRUKDVUHPDLQHGDFRQVLVWHQWDQGVLJQL¿FDQW FRQWULEXWRU WR ,QGRQHVLD¶V GRPHVWLF LQFRPH$FFRUGLQJ WR 3ULFHZDWHUKRXVH&RRSHUV  PLQLQJ¶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¿UPVWKHGHYHORSPHQWLPSDFW RIPLQLQJDFWLYLWLHV/3(08, ,IRQHLVWRLGHQWLI\WKHPRVWVLJQL¿FDQWEHQH¿W RIKDYLQJPLQLQJDFWLYLWLHVLQWKHORFDODUHDPRVWOLNHO\LWZRXOGEHHPSOR\PHQWDQG EXVLQHVVRSSRUWXQLWLHV3ULFHZDWHUKRXVH&RRSHUV IRUHVHHVWKHIXWXUHH[SDQVLRQ RIHPSOR\PHQWRSSRUWXQLWLHVVWHPPLQJIURPH[SDQVLRQRIJLDQWPLQLQJFRUSRUDWLRQV¶

−99−

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¶VPDMRUH[SURSULDWLRQRIIRUHLJQDVVHWVXQGHU WKH  QDWLRQDOL]DWLRQ SURJUDP LV LQGHHG DQ XQIDYRUDEOH VFHQDULR 6LQJDZLQDWD  7KLVSDSHUDWWHPSWWRDGGUHVVWKLVLVVXHWKURXJKDEDODQFHGSHUVSHFWLYHWDNLQJ LQWR DFFRXQW WKH PXOWLGLPHQVLRQDO EHQHILWV DQG DGYHUVH LPSDFWV RI PLQLQJ DQG WR LQFRUSRUDWHWKHFKDQJHVLQSROLF\DQGUHJXODWRU\HQYLURQPHQWLQWRWKHDQDO\VLVKHQFH DOORZLQJDWKRURXJKH[DPLQDWLRQRIWKHJRYHUQDQFHUHVSRQVHWRERWKSDUWLHV¶FODLPVDQG HQDEOLQJIRUPXODWLRQRIUHFRPPHQGDWLRQVIRUSROLF\PDNHUV 3RWHQWLDORIWKH,QGRQHVLDQ0LQLQJ6HFWRU $FFRUGLQJ WR WKH 3ULFHZDWHUKRXVH&RRSHUV UHSRUW DQG WKH SDSHU SXEOLVKHG E\ WKH ,QVWLWXWHIRU(FRQRPLFDQG6RFLDO5HVHDUFK±8QLYHUVLW\RI,QGRQHVLD/3(08,  WKHDFWXDODYHUDJHSUR¿WDELOLW\RIWKH,QGRQHVLDQPLQLQJLQGXVWU\FRPSDUHVZHOOZLWK FRPSHWLWRU FRXQWULHV7KH 5HWXUQRQ6KDUHKROGHU¶V)XQGV526) RIDOOPLQHVZDV LQDQGWKHDYHUDJHIRUODVWWHQ\HDUVLVDURXQGZKLOHWKH526)IRU WKLUW\ZRUOGKLJKFODVVPLQLQJFRPSDQLHVLVLQ3ULFHZDWHUKRXVH&RRSHUV  2QHH[DPSOHLVWKHFRPSDULVRQEHWZHHQWKH526)LQ,QGRQHVLDDQG$XVWUDOLDDV VKRZQLQWKHIROORZLQJWDEOH 7DEOH526)5DWH&RPSDULVRQEHWZHHQ,QGRQHVLDDQG$XVWUDOLD 



,QGRQHVLD





$XVWUDOLD





























6RXUFH3ULFHZDWHUKRXVH&RRSHUV  7KHDERYHWDEOHVKRZVWKDWLQWHUPVRI526)GHVSLWHWKHPRQHWDU\FULVLVSHULRG VLQFH,QGRQHVLDVWLOOKDVDKLJKSURILWDELOLW\DQGHYHQFRPSDUHVWRDGHYHORSHG FRXQWU\OLNH$XVWUDOLD,QWKH\HDUVDQG,QGRQHVLD¶V526)LVDERXWWLPHV KLJKHUWKDQ$XVWUDOLD¶VZKLOHLQDQGLWLVRQDYHUDJHDERXWWLPHVWKDWRI $XVWUDOLD¶VUDWH2QO\LQWKH\HDUVDQGDUH,QGRQHVLD¶V526)UDWHVOHVVWKDQ $XVWUDOLD¶VDQGHYHQWKHQWKHGLIIHUHQFHLVQRWVLJQL¿FDQW7KLVGDWDLQGLFDWHVWKDWHYHQ GXULQJWKHFULVLVSHULRG,QGRQHVLDFDQVWLOOEHVHHQDVDQDWWUDFWLYHDQGKLJKSRWHQWLDO GHVWLQDWLRQ IRU PLQLQJ LQYHVWPHQW SURYLGLQJ FRPSHWLWLYH DGYDQWDJHV RYHU RWKHU GHVWLQDWLRQV,URQLFDOO\KRZHYHULQWKH\HDUVVLQFHWKHPLQLQJLQGXVWU\KDV VXIIHUHGRZLQJWRVHYHUDOFRPSOH[SUREOHPVWKDWZLOOEHH[SODLQHGLQWKHQH[WSDUWRI WKLVSDSHU

−100−

,QGRQHVLDLVDVRXUFHRIDQXPEHURIGLIIHUHQWPLQHUDOSURGXFWVEXWLWVPDLQ SURGXFWLRQ LQ WKH ODVW WZHQW\ WR WKLUW\ \HDUV KDV EHHQ LQ FRDO FRSSHU WLQ JROG DQG QLFNHO7KHVH¿YHPLQHUDOVKDYHEHHQSURYLGLQJDVLJQL¿FDQWFRQWULEXWLRQWRWKHFRXQWU\¶ VLQFRPHIRUDORQJSHULRGDVFDQEHLGHQWL¿HGIURPWKHIROORZLQJPLQHUDOSURGXFWLRQ WDEOH 7DEOH,QGRQHVLDQ0DLQ0LQHUDOV3URGXFWLRQ &RDO &RSSHU *ROG 1LFNHO 7LQ













µW













0OE













µW













0OE













µW













6RXUFH3ULFHZDWHUKRXVH&RRSHUV  7KHDERYHWDEOHVKRZVUDWKHUVWDEOH¿JXUHVIRUDOOPLQHUDOVH[FHSWFRDO&RDOKDV EHHQH[SHULHQFLQJFRQVLVWHQWJURZWKLQSURGXFWLRQIURPWRZKLOHWKHRWKHU PLQHUDOVKDYHQRWH[SHULHQFHGVLJQL¿FDQWJURZWKVLQFHWKH¿VFDO\HDU*ROGPD\ EHDQRWKHUH[FHSWLRQZLWKDUDWKHUVLJQLILFDQWLQFUHDVHIURPWRKRZHYHU WKH¿JXUHZHQWGRZQWRLQDQGURVHRQO\VOLJKWO\WRLQ-DSDQLV VWLOOWKHPDLQFRQVXPHURIFRDODQGQLFNHOSURGXFWVIROORZHGE\VRPHRWKHUFRXQWULHV LQFOXGLQJWKH86$XVWUDOLDDQG7DLZDQ+LGD\DW 7KHÀXFWXDWLRQLQWKHPLQLQJ SURGXFWVLVKHDYLO\GHSHQGHQWRQPDUNHWGHPDQGWKHSURGXFHUV¶EXVLQHVVFDSDFLWLHV FDSLWDOWHFKQRORJ\HWF DQGPRVWLPSRUWDQWO\JRYHUQPHQWSROLFLHVDQGUHJXODWLRQV RQH[SORUDWLRQDQGH[SORLWDWLRQSURFHGXUHV6DPRVLU 6RPHH[SHUWVPHQWLRQWKDW SURGXFWLYLW\FDQVWLOOEHPD[LPL]HGLQDKLJKO\UHJXODWHGHQYLURQPHQWKRZHYHUOHJDO FRQVWUDLQWVPHDQWKDWLGOHFDSDFLW\LVVWLOOTXLWHKLJK6DPRVLU  5HJDUGLQJPLQHUDOSRWHQWLDOGHSRVLWV ,QGRQHVLD¶VSRVLWLRQLVVWLOOUHODWLYHO\ KLJKLQWKHZRUOGDVZHFDQVHHDWWKH¿JXUHEHORZ )LJXUH0LQHUDO3RWHQWLDODQG3ROLF\3RWHQWLDO,QGH[      
   
    
    


 !    




%

!   




   

 !   
   

     





%  





" 

  

   % !  

    # 




   $

     

   !#
   





   
   

  !

 !   




! 

     
























   
    

6RXUFH/3(08, 

−101−










 

7KH 3ROLF\ 3RWHQWLDO ,QGH[ LV D FRPSRVLWH LQGH[ WKDW PHDVXUHV HIIHFWV RQ H[SORUDWLRQRIJRYHUQPHQWSROLFLHVLQFOXGLQJWD[DWLRQHQYLURQPHQWUHJXODWLRQV GXSOLFDWLRQDQGDGPLQLVWUDWLRQRIUHJXODWLRQVQDWLYHODQGFODLPVSURWHFWHGDUHDV LQIUDVWUXFWXUHODERUDQGVRFLRHFRQRPLFDJUHHPHQWDVZHOODVSROLWLFDOVWDELOLW\ :DKMX  7KH 0LQHUDO 3RWHQWLDO ,QGH[ UDWHV D UHJLRQ¶V DWWUDFWLYHQHVV EDVHG RQ WKH FRPSDQ\¶VSHUFHSWLRQVRIJHRORJ\E\DVVXPLQJQRODQGXVHUHVWULFWLRQVDQGDQ\ PLQHZRXOGRSHUDWHWRLQGXVWU\³EHVWSUDFWLFH´VWDQGDUG:DKMX  ,W FDQ EH REVHUYHG IURP WKH DERYH WDEOH WKDW ,QGRQHVLD LV VWLOO DPRQJVW WKH FRXQWULHVZLWKWKHKLJKHVWPLQHUDOSRWHQWLDO+RZHYHUSROLF\SRWHQWLDOLVFRQVLGHUDEO\ ORZLQGLFDWLQJWKHODFNRIVXSSRUWLQWKHGHYHORSPHQWSROLF\RIWKHQDWLRQ,IWKHWZR LQGLFDWRUVDUHWREHZHLJKHGWRJHWKHU,QGRQHVLDLVIDUOHVVDWWUDFWLYHWKDQFRXQWULHV OLNH %UD]LO$XVWUDOLD &KLOH 3HUX 0H[LFR$UJHQWLQD DQG %ROLYLD7KLV LV LQGHHG FRQWUDGLFWRU\WRWKHIDFWWKDW,QGRQHVLD¶VPLQLQJVHFWRUKDVEHHQDVLJQL¿FDQWFRQWULEXWRU WRHFRQRPLFJURZWKDQGKDVDOVREHHQDFRQVLVWHQWJURZWKVHFWRUFRPSDUHGWRRWKHU VHFWRUVWKDWDUHSURQHWRLQGXVWULDOGRZQIDOOVDVZLOOEHGLVFXVVHGODWHU 7KH0LQLQJ,QGXVWU\¶V&RQWULEXWLRQWR1DWLRQDO'HYHORSPHQW ,Q WHUPV RI FDSLWDO LQIORZV IRU QDWLRQDO HFRQRPLF GHYHORSPHQW DQG ZRUNIRUFH DEVRUSWLRQWKHPLQLQJLQGXVWU\¶VFRQWULEXWLRQWRWKH,QGRQHVLDQHFRQRP\DQGQDWLRQDO GHYHORSPHQWLVKLJKO\VLJQL¿FDQW(YHQGXULQJWKHFULVLVIURPWKHPLGGOHRIXQWLO WKLVLQGXVWU\FRXOGVWLOOPDNHFRQVWDQWO\SRVLWLYHFRQWULEXWLRQVWRWKHHFRQRP\DV FDQEHVXPPDUL]HGLQWKHIROORZLQJWDEOHV 7DEOH&RQWULEXWLRQWR,QGRQHVLDQ(FRQRP\ 5S±%LOOLRQV (PSOR\HH&RPSHQVDWLRQH[FO([SDWULDWHV

























3XUFKDVHVIURP'RPHVWLF6XSSOLHUV













*RYHUQPHQW5HYHQXH

























'LYLGHQGVSDLGWR,QGRQHVLDQVKDUHKROGHUV ,QWHUHVWSDLGWR,QGRQHVLDQ&RPSDQLHV%DQNV 7RWDO&RQWULEXWLRQ

























6RXUFH3ULFHZDWHUKRXVH&RRSHUV  0LQLQJ KDV DOVR PDGH VLJQLILFDQW FRQWULEXWLRQV WR RWKHU HFRQRPLF VHFWRUV ZKLFKLVIXUWKHULOOXVWUDWHGLQWKHDERYHWDEOH(PSOR\HHFRPSHQVDWLRQDQGSXUFKDVHV IURPGRPHVWLFVXSSOLHUVSURYLGHLPSRUWDQWLQMHFWLRQVLQWRWKHORFDOHFRQRP\ZKLFKLI IROORZHGE\DPXOWLSOLHUHIIHFWFDQFUHDWHDVLJQL¿FDQWLPSDFWRQWKHORFDOHFRQRP\ 0LQLQJ¶VFRQWULEXWLRQWRERWKWKHVHLPSRUWDQWVHFWRUVKDVJURZQFRQVLVWHQWO\LQWKH\HDUV IURPWR'LYLGHQGVDQGLQWHUHVWIOXFWXDWHPRUHFRPSDUHGWRHPSOR\PHQW FRPSHQVDWLRQ DQG SXUFKDVHV IURP GRPHVWLF VXSSOLHUV WKLV FDQ EH H[SODLQHG E\ WKH FKDQJHV LQ FDSLWDO VWUXFWXUH DQG FRPSDQ\ SROLFLHV RQ GLYLGHQG GLVWULEXWLRQ DQG UH LQYHVWPHQWV,QWRWDOWKHFRQWULEXWLRQRIPLQLQJWRWKH,QGRQHVLDQHFRQRP\KDVVKRZQ FRQVLVWHQWJURZWKIURPWR7KLVFRQVLVWHQWJURZWKSURYHVWKDWWKHPLQLQJ

−102−

LQGXVWU\LVRQHRIWKHVHFWRUVLQWKHFRXQWU\WKDWFRXOGVWLOOVXUYLYHHYHQGXULQJWKH FULVLV7KLVLVLQFRQWUDVWWRVRPHLQGXVWULHVHVSHFLDOO\WKH¿QDQFHDQGEDQNLQJVHFWRUV ZKLFK SODFHG D KHDY\ EXUGHQ RQ JRYHUQPHQW H[SHQGLWXUH GXH WR WKH JRYHUQPHQW¶V EDQNUHVWUXFWXULQJSURJUDPSXUVXHGXQGHUWKH,QGRQHVLD%DQN5HVWUXFWXULQJ$JHQF\ ,%5$  IURP  WR  0RUHRYHU WKLV UHVWUXFWXULQJ SURJUDP KDV OHG WR PDVV XQHPSOR\PHQWRQDQHZVFDOHRZLQJWRWKHOLTXLGDWLRQRIFRPPHUFLDOEDQNV6DPRVLU  ,WPLJKWEHVDLGWKDWZKLOHVRPHVHFWRUVZHUHPDNLQJFDSLWDOORVVHVDQGFUHDWLQJ XQHPSOR\PHQW WKH PLQLQJ VHFWRU ZDV VWLOO FUHDWLQJ FDSLWDO LQIORZV DQG FRQVLVWHQW JURZWKZKLFKFRXOGPDLQWDLQLWVODERUIRUFHDEVRUSWLRQ 7DEOH([SHQGLWXUHLQWKH3XEOLF,QWHUHVW 5S±%LOOLRQV













(PSOR\HH7UDLQLQJ













5HJLRQDO &RPPXQLW\'HYHORSPHQW





























































&KDULWDEOH'RQDWLRQV &RQWULEXWLRQVWR1RW )RU3UR¿W)RXQGDWLRQV 80LOOLRQV 5HVHDUFK 'HYHORSPHQW ([SHQGLWXUHRQ5HFODPDWLRQ0LQH&ORVXUH (QYLURQPHQW&RQWURO 1HW ,QFUHDVH LQ$FFXPXODWHG 3URYLVLRQ 5HVHUYHIRU5HFODPDWLRQ 0LQH&ORVXUH

6RXUFH3ULFHZDWHUKRXVH&RRSHUV  0LQLQJ FRPSDQLHV KDYH DOVR EHHQ VSHQGLQJ VLJQLILFDQW DPRXQWV WRZDUG GHYHORSPHQWDODFWLYLWLHVWKDWDUHSRVLWLYHO\FRQWULEXWLQJWRWKHSXEOLFLQWHUHVWV5HJLRQDO DQGFRPPXQLW\GHYHORSPHQWKDVVHHQDVKDUSLQFUHDVHIURPELOOLRQ5SLQWR LQ(PSOR\HHWUDLQLQJDQGFKDULWDEOHGRQDWLRQÀXFWXDWHVDURXQGDQG UHVSHFWLYHO\6SHQGLQJRQUHVHDUFKDQGGHYHORSPHQWKDVVHHQDQRWKHUVKDUSLQFUHDVH DIWHUDVLJQLILFDQWGRZQWUHQGLQWR(QYLURQPHQWDOFRQVHUYDWLRQLVDOVRD PDMRUFRQFHUQIRUFRPSDQLHVDVVKRZQIURPWKHFRQVLVWHQWH[SHQGLWXUHRQUHFODPDWLRQ PLQHFORVXUHDQGHQYLURQPHQWFRQWURO7KHDFFXPXODWLRQLQUHVHUYHVIRUUHFODPDWLRQ DQGPLQHFORVXUHKDVLQFUHDVHGVLJQL¿FDQWO\IURPOHVVWKDQPLOOLRQLQWR PRUHWKDQPLOOLRQLQ7KLVLQFUHDVHLVOLQHDUZLWKWKHQXPEHURIPLQLQJ DUHDFORVXUHVGXHWRHQGRISURGXFWLRQSHULRGVVWLSXODWHGE\FRQWUDFWV±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¶GHPDQGV DQGDVSLUDWLRQV6DPRVLU 

−103−

7DEOH'LUHFW(PSOR\PHQW ,QGRQHVLDQ(PSOR\HHV

























([SDWULDWHV(PSOR\HHV













7RWDO'LUHFW(PSOR\HHV













5HSUHVHQWLQJRI(PSOR\HHV













6RXUFH3ULFHZDWHUKRXVH&RRSHUV  ,QWHUPVRIHPSOR\PHQWWKHILJXUHUHPDLQVFRQVLVWHQWDURXQGLQZKLFK WKHQXPEHURIH[SDWULDWHVYDULHVJUHDWO\LQUHIOHFWLRQRIWKHVKRUWWHUPQDWXUHRIWKH DSSRLQWPHQWV7KLV¿JXUHLQGLFDWHVWKDWHPSOR\HHOD\RIIVDUHLQVLJQL¿FDQWRUQRQH[LVWHQW 7KHQXPEHURI,QGRQHVLDQHPSOR\HHVLVIDUJUHDWHUWKDQWKHQXPEHURIH[SDWULDWHVDQG ,QGRQHVLDQHPSOR\HHVDUHDSSRLQWHGEDVHGRQORQJWHUPFRQWUDFWV2QHLPSRUWDQWIDFWRU WKDWKDVHQDEOHGWKHPLQLQJVHFWRUWRPDLQWDLQDUHODWLYHO\VWDEOHQXPEHURIHPSOR\HHV HYHQGXULQJWKH¿UVW\HDURIWKHFULVLV LVWKHIDFWWKDWWKHLQGXVWU\LVHQJDJHGPRVWO\ LQORQJWHUPLQYHVWPHQWSURMHFWV±\HDUV $QRWKHUFUXFLDOIDFWRULVWKDWPLQLQJ LV D ODERU LQWHQVLYH LQGXVWU\ ZKLFK UHTXLUHV HPSOR\PHQW RI D PDVV RI SHRSOH7KLV PHDQVWKDWHYHU\QHZH[SORUDWLRQRUSURMHFWFUHDWHVQHZMRERSSRUWXQLWLHVRQDODUJH VFDOH([SHUWH[SHULHQFHVKRZVWKDWRQHPHGLXPPLQLQJSURMHFWPLJKWDEVRUEDWOHDVW SHRSOH6DPRVLU ,QOLJKWRIWKHVHIDFWVLWLVXQGHQLDEOHWKDWPLQLQJVHFWRULV PDNLQJDYHU\VLJQL¿FDQWSRVLWLYHLPSDFWLQWHUPVRIHPSOR\PHQW  7KH3UREOHPV'UDPDWLF'HFUHDVHLQ,QYHVWPHQWLQWKH0LQLQJ,QGXVWU\ 7KH PLQLQJ LQGXVWU\ VXIIHUHG D VHWEDFN GXULQJ WKH SHULRG ± RZLQJ WR D FRPELQDWLRQ RI GHFOLQLQJ PHWDO SULFHV DQG XQFHUWDLQW\ VXUURXQGLQJ WKH HIIHFWV RI UHJLRQDODXWRQRP\3ULFHZDWHUKRXVH&RRSHUV3XUQRPR 7KHVHXQFHUWDLQWLHV FRQWLQXHGXQWLODIIHFWLQJWKHOHYHORIQHZLQYHVWPHQWVLQWKHLQGXVWU\WRDGHJUHH 0LQLVWHU 3XUQRPR