My contention is that Indonesia is uninvestable. I have thought this since the controversy of the
Tujuh Bukit copper-gold mine in Indonesia, famously “stolen” from Australia’s Intrepid Mines in 2012. ASX investors lost the lot there pretty much. I can’t believe an Australian (ex Newcrest) came in after the de facto expropriation and brought the mine’s development to fruition. What a rat.
Now the Indos are bending over Freeport McMoran. They want another 10% of Grasberg on top of the 51% they’ve already wrung out of the U.S company plus other demands such as a nice new smelter in Papua. This mine only exists because of the vision and super human determination of a U.S geologist. That and risked U.S capital.
As a side note I wonder how much of the wealth being gouged by the Indonesian government is being returned to the west Papuans whom they stole it off. Not that I can bring myself to care much about them given the bone headed corruption of next door Papua New Guinea. Baahh, at clouds in the sky.
