The current report, “Gold Mining In Indonesia”, GFMS Limited and PT Geomin International, February 2005, notes that between 1967 and 1998 Indonesia became the biggest mining country in Asia attracting billions of dollars and has some of the best geological prospectivity in the world.

Most major companies were drawn to Indonesia and developed mines such as Grasberg (gold/copper), Gosowong (gold), Kelian (gold), Minahasa (gold), Mt Muro (gold), Gunung Pongkor (gold) and Batu Hijau (gold/copper). Indonesia was ranked fourth in the world for gold production in 2001 with 180 tonnes.

The investment climate soured however, in the late 1990’s through economic crisis, political instability, depressed gold prices and Bre-Ex.

Now, Indonesia is rapidly changing with democracy being overwhelmingly embraced by the population and an improving economy.

The gold price has also risen substantially from its lows of 2002.
Indonesia’s “elephant country” prospectivity is igniting renewed interest from some of the major mining companies.
Austindo has several strong advantages which it is using to capitalise on opportunities in Indonesia.