Indonesia limits Chinese nickel ownership for US tax credits
Financial Times — July 26, 2024, 03:00 AM UTC
Summary: Indonesia is seeking to limit Chinese ownership in nickel mining projects to qualify for US tax breaks under the Inflation Reduction Act. Currently, 80-82% of Indonesia's battery-grade nickel output is from majority Chinese-owned firms. The country, which produces 57% of global refined nickel, aims to negotiate new investment deals with Chinese companies as minority stakeholders to attract IRA tax credits.
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