Title page
Contents
Executive summary 4
Introduction 8
Indonesia: a mineral giant 12
Indonesia's main objective: diversification in all its forms 17
China's omnipresence in Indonesia's mining industry 17
Developing new value chains 19
Developing links with new partners 23
The challenges of mining 26
Clouds on the horizon 26
Solving the equation of Indonesia's energy transition 30
Indonesia's strategy for the exploitation of minerals remains hard to read 37
Indonesia's strategy is not restricted to nickel 37
Indonesia's nickel ambitions: the biggest question mark 38
Table 1. Indonesia's mining production and reserves 13
Table 2. Number and capacities of smelters in Indonesia 22
Table 3. A comparison between GDP per capita and life expectancy for ASEAN members 30
Figure 1. Indonesia's GDP and GDP per capita (2000-2023) 8
Figure 2. Indonesia's main trade partners in 2023 9
Figure 3. Indonesia's oil, natural gas and coal production and exports (1990-2022) 10
Figure 4. Primary commodities in Indonesia, based on mining concessions issued 12
Figure 5. Main nickel industrial parks in Indonesia 14
Figure 6. Contribution of the mining industry to the Indonesian economy 15
Figure 7. Indonesia exports value by-product in 2023 16
Figure 8. Chinese investments in ASEAN countries between 2013 and 2022 18
Figure 9. Chinese investments in ASEAN countries evolution over time (2013-2022) 18
Figure 10. Distribution of existing Indonesian smelters and projects under development across the archipelago 21
Figure 11. Weda Bay area in 2018 (top) and 2024 (bottom) 27
Figure 12. Power generation trend according to the CIPP pathway 32
Figure 13. Installed capacity trend according to the CIPP pathway 32
Figure 14. Electricity grids in Western Indonesia in 2023 35
Figure 15. Global nickel production (2000-2023) 39
Figure 16. Correlation between nickel price and Indonesian GDP growth 41