According to the report analysis, ‘Precious Metals Mining In Indonesia To 2020-A Focus On The Gold Industry’ states that some of the major companies which are currently functioning in this sector more significantly in this region for attaining the handsome amount of share includes Freeport-McMoRan Inc., Newcrest Mining Ltd., G-Resources Group Ltd., Archipelago resources Plc., PT Aneka Tambang Tbk and several others. Not only has this, according to the study Indonesia had the world’s fifth-largest gold reserves at the end of 2014 at 3,000 tonnes (t). Its gold reserves are found majorly in the provinces of Papua, Nusa Tenggara and North Maluku. It was the 12th-largest gold producing country with 2.3 million ounces of gold resulted in 2014, up by 6.5% compared with 2013, mainly due to an increase in output of 32,036 ounces at the Gosowong mine during the year. Moreover, Papua, Indonesia’s eastern-most province, has been a hotbed for an independence movement among the residents of the province, which has induced the Free Papua Movement to make countless attacks on the mine over the years.
Precious metals are very rare and they occur naturally with a metallic chemical element which is of high economic value. Whereas, the best known precious metals are silver and gold which can be used for both as in industrial applications and they are well known from the art, coinage, and jewelry. Moreover, other precious metals involve the platinum group metals which includes osmium, platinum, palladium, rhodium, and several another meanwhile, the platinum is the most widely traded. Indonesia is home to one of the highest gold mines across the globe while the industry of precious metals is very much capital intensive and for constructing mines and buildings introduction facilities need an extensive amount of capital. For investors, gold is the most popular precious metal and technology has played a significant role in the internet industry but it has also transformed the mining industry of precious metals. Moreover, effective applications and classification of the precious metals in the industry lead the market grew more significantly in Indonesia.
With the existence of numerous players, the market is highly competitive and provides array solutions which impacted on the market most favorably. Moreover, the competitive market share is expected to be high due to the existence of a large number of local and regional producers. Furthermore, with the significant increase in demand, the expansion in the supply along with the upgradation in the technology of product manufacturing of mining is expected to grow in market demand. Increase in the demand for precious metals across the residential sector could be the virtue to turn up the lifestyle of the consumer. The key players are making so many strategies and policies for the manufacturing the precious metals which enhance the market strength more significantly. Therefore, in the coming years, it is expected that the precious metal mining industry in Indonesia will grow more significantly with the more development projects by the key players.
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