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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies. -- Ignore unavailable to you. Want to Upgrade?

To: Jordan Electron who wrote (27678)	1/12/1998 9:51:00 AM
From: alan holman	Respond to of 28369

The rupiah is now worth 1/3rd of what it was at the time Bre-x was crashing. Can you imagine how much in U.S $'s, the elite class made in Indonesia and the rest of the world ??

To: Jordan Electron who wrote (27678)	1/12/1998 10:13:00 AM
From: alan holman	Respond to of 28369

Indonesian copper imports seen melting - industry Reuters Story - January 12, 1998 01:32 %MET %ID %EMRG %MIN 5711.T FCX V%REUTER P%RTR By K.T. Arasu JAKARTA, Jan 12 (Reuters) - Indonesian copper imports are set to plunge this year with the government pulling the plug on several power projects due to an economic crisis that has slowed the property and construction sectors, industry sources said on Monday. "There is no question about it. Imports of copper cathodes will fall significantly this year," a senior executive with a company that produces cables told Reuters. "I see a fall of 40-50 percent in the imports of copper cathodes. The economic outlook is gloomy and a turnround is not expected for at least 1-1/2 to two years," he said. Copper cathodes are widely used in the production of power and telecommunications cables, and are used to a smaller extent in the electronics sector and plumbing to carry hot water. Indonesia imports all its copper cathodes because there are no smelters in the country. Mitsubishi Materials Corp is constructing a 200,000-tonne-per-year smelter on the main island of Java which is scheduled for completion in August. Mitsubishi Materials owns a 75-percent stake in the $600 million project, with Freeport-McMoRan Copper & Gold Inc holding the remaining 25 percent. Indonesia's President Suharto decided on Saturday to review or postpone 15 major infrastructure projects due to the current financial crisis. State Secretary Murdiono was quoted by the official Antara news agency as saying eight projects to be reviewed include the Tanjung Jati "A" and Tajung Jati "C" coal-fired power plants. The seven projects to be delayed include toll roads, smaller power stations and a new airport for Medan in North Sumatra. Industry sources said Indonesia imported some 90,000 tonnes of copper cathodes in 1997, compared with 85,000 tonnes in 1996 and 1995. "I expect copper cathode imports to decline by at least 30 percent this year," an executive with a mining company said. "Copper fabricators who produce cables and wires have already begun cutting back on work shifts." "The cancellation of the power projects and other infrastucture projects will only further dampen domestic consumption of copper cathodes," he added. Indonesia is embroiled in one of the worst economic turmoils in decades following a loss of investor confidence that has resulted in the rupiah shedding some 70 percent of its value against the U.S. dollar in the last six months. The deteriorating economic situation has led to unprecedented calls for Suharto's resignation at the end of his current term in March, casting uncertainty over the political future of the 76-year-old leader who has ruled the country for 32 years. Suharto met IMF First Deputy Managing Director Stanley Fischer in emergency talks on Monday in a bid to rescue Indonesia from the crisis. "A lot of companies cancelled their orders for copper cathodes late last year," one cable maker said. "Imports last year should be below 100,000 tonnes because we only had half a good year. Imports should be lower by at least 50 percent this year. First-half 1999 imports will also be poor," he said. -- Jakarta newsroom (6221) 384-6364; Fax (6221) 344-8404 -- Email: jakarta.newsroomreuters.com