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writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":570,"content":571},"doc",[572,579,584,589,594,603,608,613,618,623],{"type":573,"attrs":574,"content":575},"paragraph",{"textAlign":49},[576],{"text":577,"type":578},"Majority Chinese-owned companies will produce a large but declining share of nickel suitable for batteries made in Indonesia out to 2030.","text",{"type":573,"attrs":580,"content":581},{"textAlign":49},[582],{"text":583,"type":578},"In 2033, 54% of Indonesia’s battery nickel output will come from majority Chinese-owned producers, down from 82% in 2024.*",{"type":573,"attrs":585,"content":586},{"textAlign":49},[587],{"text":588,"type":578},"Western investment will drive the trend. An indicative example is Ford’s recent entry into a joint venture high pressure acid leach refinery held by Vale and China’s Huayou.",{"type":573,"attrs":590,"content":591},{"textAlign":49},[592],{"text":593,"type":578},"Still, 90% of Indonesian nickel will come from producers under some Chinese ownership in 2030. Already, the extent of Chinese investment in its industry is making it difficult for Indonesia to access US Inflation Reduction Act (IRA) benefits. ",{"type":573,"attrs":595,"content":596},{"textAlign":49},[597],{"type":598,"attrs":599},"image",{"id":49,"alt":600,"src":601,"title":49,"source":49,"copyright":49,"meta_data":602},"","https://a.storyblok.com/f/287943243085208/e2e4712a5f/bm-indonesia-nickel-v16-hr-1.jpg",{},{"type":573,"attrs":604,"content":605},{"textAlign":49},[606],{"text":607,"type":578},"US President Joe Biden has faced domestic political pushback against the prospect of a trade agreement with Indonesia, which could make Chinese producers there eligible for IRA tax credits.",{"type":573,"attrs":609,"content":610},{"textAlign":49},[611],{"text":612,"type":578},"Even if Indonesia gains US Free Trade Agreement status, the IRA’s Foreign Entities of Concern (FEOC) rule may disqualify some of its Chinese-owned output. ",{"type":573,"attrs":614,"content":615},{"textAlign":49},[616],{"text":617,"type":578},"In December 2023, the US Treasury announced that any critical minerals producer that is more than 25% owned by a company associated with the Chinese government will not qualify for IRA tax credits.",{"type":573,"attrs":619,"content":620},{"textAlign":49},[621],{"text":622,"type":578},"It is still unclear which Indonesian refineries would be affected. Our assessment does not distinguish between private and publicly-owned Chinese companies but the guidelines may be implemented in a way that treats privately-owned Chinese companies in foreign joint ventures more leniently than state-owned ones. The Treasury is also yet to define what qualifies as state-controlled enterprises.",{"type":573,"attrs":624,"content":625},{"textAlign":49},[626,628],{"text":627,"type":578},"* ",{"text":629,"type":578,"marks":630},"These are conservative estimates on Chinese ownership levels as some Indonesia-registered refining companies may be owned by Chinese companies. Further, ownership split for some joint ventures are still unclear.",[631],{"type":632},"italic","Majority Chinese-owned companies will produce a large but declining share of nickel suitable for batteries made in Indonesia out to 2030. In 2033, 54% of Indonesia’s battery nickel output will come from majority Chinese-owned producers, down from 82% in 2024.* Western investment will drive the trend. An indicative example is Ford’s recent entry into a […]",[635],{"slug":561,"name":562,"content":636},{"job_title":564,"image":637,"bio":567,"linkedin":568},{"filename":566},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a9469c04-6616-434e-b523-35750afe943c\", \"id\": \"\"}-->","article",[641,643,646],{"slug":642,"name":298},"cathode",{"slug":644,"name":645},"geopolitics","Geopolitics",{"slug":647,"name":150},"nickel","private",{"id":49,"alt":600,"name":600,"focus":600,"title":600,"source":600,"filename":650,"copyright":600,"fieldtype":651,"meta_data":652,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/w_1966,h_2560,c_scale/f_auto,q_auto/v1706186919/www-production/Indonesia-Nickel-_V16_HR/Indonesia-Nickel-_V16_HR.jpg?_i=AA","asset",{"alt":600,"title":600,"source":600,"copyright":600},{"id":49,"alt":600,"name":600,"focus":600,"title":600,"source":600,"filename":654,"copyright":600,"fieldtype":651,"meta_data":655,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7df8939b02/bm-indonesia-nickel-v16-cover.jpg",{"alt":600,"title":600,"source":600,"copyright":600},"Jan 25, 2024","25th January 2024",[],[],1784294252004]