Crisis or Opportunity-Strategy and Area Selection Methodology in Developing Countries

摘要

WMC was a late entrant into Indonesia in mid-1996, but had considerable experience and success in exploring in Asia, particularly the Philippines since 1988. Given the geological similarities to the Philippines and Indonesia's superior "cradle to grave" Contract of Work (CoW) tenure system, the entry into Indonesia was a logical decision but nonetheless a result of detailed planning. At the time of WMC's entry, Busang in Kalimantan was still a 60 moz wonder and the euphoria of this apparent discovery had overflowed into every aspect of exploration. Many junior mining companies and tenement speculators were clamouring for properties in Kalimantan, whilst other serious and capable explorers had to compete for properties and exploration personnel in an era of high and often unrealistic expectations. The picture in late-1998 and through 1999 is dramatically different, as the worldwide downturn in the price of most metals coincides with financial and social crises throughout most Asian countries.