We’ve seen strong State capitalism in oil & gas where most expired blocks have been granted to or taken over by Pertamina in the past few years. Acquisition of Freeport Indonesia, one of the world’s largest gold and copper producers, by INALUM is also seen in this context. INALUM has also been strengthened with the government’s decision to give some nickel blocks previously controlled by Vale Indonesia to its subsidiary Aneka Tambang.
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