BMI View: Changes to Indonesia’s mining code have reduced the overall level of investment attractiveness in the country. While there is a possibility for further reforms, especially in the run up to the 2014 general election, we believe the worst is behind us and do not expect significant policy changes in the near term. A moderation in the government’s stance is highly possible as metal prices continue to head broadly lower over the coming quarters, weighing on profits for mining companies. While rhetoric against foreign miners could step up, we believe a moderation in the government’s stance is more likely …
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