Indonesia’s protectionist resource policies will cause grief to Australia’s miners under a Prabowo presidency.
| Presumptive president Prabowo Subianto is expected to move forward with the next phase of Indonesia’s controversial nickel policies after hisDefence Minister Prabowo declared victory late on Wednesday after millions voted in Indonesia’s election, presenting himself as the heir to hugely popular President Joko Widodo, whose son was his running mate.
Justin Werner, chief executive of ASX-listed Nickel Industries, said he predicted Mr Prabowo would stick to his campaign promise to double down on down-streaming policies championed by the outgoing president.He noted that the government had already adjusted its investment focus as a result of falling global nickel prices and concerns about the environmental impact of nickel pig iron production in Indonesia’s mines.
Indonesian stocks jumped on Thursday as traders bet on policy consistency under Mr Prabowo, with the Jakarta Composite Index rising as much as 2.2 per cent, the most since May 2022. “Down streaming that has been carried out, such as down streaming nickel products, will continue and will be supplemented by down streaming bauxite, copper, tin, agro products and maritime products,” he said
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