Contents:
FOCUS
INDONESIA’S ECONOMY BEGINS TO RECOVER FROM THE IMPACT OF COVID-19 PANDEMIC .. 1
Manufacturing industry the main driver of economic growth in 2022 .......... 2
Domestic Economic Activities Brisker .................... 4
Indonesia’s Balance of Payments continue to be healthy ........ 5
Inflation higher in 2022 .... 7
Economic Prospects remain encouraging in 2023 though slightly slowing ....... 8

 INDUSTRY PROFILE
GOING DOWNSTREAM IN METAL MINERAL INDUSTRY ....... 10
Program and policy to develop metal mineral processing industry ....... 10
Process of going downstream ........ 11
Metal Mineral Mining Material Downstream Process.......... 11
Nickel Smelter Process ....... 12
Bauxite/Aluminum Smelter ...... 14
Going downstream in metal mineral industry ...... 15
Indonesia’s Mineral Resources and Reserves ..... 16
Production of Minerals ........................... 29
Indonesia's Position in the World Mining Industry ................ 30
Indonesia Facing Lawsuit for Banning Nickel Ore Exports.......... 31
Smelter Projects ....................... 31
Nickel Smelters .............................. 33
Aluminum Smelters..................................... 36
Iron Smelters .................... 36
Tin Smelters ............................................ 38
Copper Smelters ........................................ 39
Main Players ...................................................... 39
New investment and expansion.................................... 42
Export of Mining Products and Downstream Products ........................................ 49
Indonesia Facing Protest Ban on Exports of Nickel Ores.............................. 50
Prospects .............................................................. 51

 COMPANY PROFILE
ADARO GROUP .................................................. 52
Background ................................... 52
Coal Mining as a Business Pillar ......................................... 53
Mining Services ................................................. 56
Power plants ................................................... 58
Logistics ............................................................... 60
Financial performance ...................................... 60

 CORPORATE NEWS IN BRIEF
Pertamina Geothermal set to be world class renewable energy company after IPO .......... 63
Intraco Penta sees heavy equipment market bullish in 2023 .............. 64
Wika Beton Hopes to Win New Contracts Worth Rp8,66 Trillion .......... 65
Amman Mineral Nusa Tenggara to Launch IPO Soon ............ 66