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Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":740,"relatedVideos":741},112470455711618,"03da0868-25bb-49b4-adbe-8dd5956b78fd","US and Indonesia pave way for critical minerals agreement  ","us-and-indonesia-pave-way-for-critical-minerals-agreement","article/us-and-indonesia-pave-way-for-critical-minerals-agreement",{"_uid":547,"date":548,"tags":549,"editor":556,"content":566,"excerpt":716,"featured":51,"reporter":717,"_editable":721,"component":722,"seo_title":543,"categories":723,"visibility":732,"author_company":49,"featured_image":733,"seo_description":716,"author_full_name":49,"author_job_title":49,"formattedDate":738,"formattedArticleDate":739},"be654494-2288-4462-b63b-2e21940c2bde","2023-11-14 00:00",[550,553],{"slug":551,"name":552},"indonesia","Indonesia",{"slug":554,"name":555},"usa","USA",[557],{"slug":558,"name":559,"content":560},"didi-bostock","Didi Bostock",{"job_title":561,"image":562,"bio":564,"linkedin":565},"Editor - Energy Transition & Economics",{"filename":563},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":567,"content":568},"doc",[569,576,581,586,601,606,616,625,632,637,642,655,668,673,678,683,688,693,706,711],{"type":570,"attrs":571,"content":572},"paragraph",{"textAlign":49},[573],{"text":574,"type":575},"Indonesian president Joko Widodo and US president Joe Biden agreed to develop a “critical minerals action plan” in talks at the White House on Monday, which could pave the way for more Indonesian nickel to enter the US electric vehicle market. ","text",{"type":570,"attrs":577,"content":578},{"textAlign":49},[579],{"text":580,"type":575},"The two leaders agreed to support work towards a “low-greenhouse gas emissions mineral support chain” while laying the “the foundation to launch future negotiations on a critical minerals agreement.”",{"type":570,"attrs":582,"content":583},{"textAlign":49},[584],{"text":585,"type":575},"The meeting may mark the first step towards a potential trade deal that was first proposed in April 2023 by President Widodo. This could make Indonesian nickel eligible for subsidies under Biden’s Inflation Reduction Act, which currently only allows minerals from countries with existing free trade agreements. ",{"type":570,"attrs":587,"content":588},{"textAlign":49},[589,591,599],{"text":590,"type":575},"Indonesia is the world’s largest nickel producer and is set to produce 65% of the world’s refined nickel in 2032 and 66% of mined nickel according to ",{"text":592,"type":575,"marks":593},"Benchmark data",[594],{"type":595,"attrs":596},"link",{"href":597,"uuid":49,"anchor":49,"target":49,"linktype":598},"https://www.benchmarkminerals.com/forecasts/nickel/","url",{"text":600,"type":575},".",{"type":570,"attrs":602,"content":603},{"textAlign":49},[604],{"text":605,"type":575},"Yet because the country does not have a free trade agreement with the US, its nickel is not eligible for subsidies under the IRA. Automakers must source a certain percentage of critical minerals from the US or FTA countries, in order to obtain a $3,750 EV tax credit under the legislation.",{"type":570,"attrs":607,"content":608},{"textAlign":49},[609,611],{"text":610,"type":575},"Whilst battery demand for nickel is expected to increase by over 150% between 2023 and 2027, refined nickel supply from US free trade partners is only expected to increase by 35%, according to the ",{"text":612,"type":575,"marks":613},"Benchmark Nickel Forecast.",[614],{"type":595,"attrs":615},{"href":597,"uuid":49,"anchor":49,"target":49,"linktype":598},{"type":570,"attrs":617,"content":618},{"textAlign":49},[619],{"type":620,"attrs":621},"image",{"id":49,"alt":622,"src":623,"title":49,"source":49,"copyright":49,"meta_data":624},"","https://a.storyblok.com/f/287943243085208/b28cf597c8/bm-indonesia-nickel-supply.png",{},{"type":626,"attrs":627,"content":629},"heading",{"level":628,"textAlign":49},4,[630],{"text":631,"type":575},"Key hurdles",{"type":570,"attrs":633,"content":634},{"textAlign":49},[635],{"text":636,"type":575},"Still, any final deal will likely be limited in scope and take time to emerge, according to a person familiar with the matter.",{"type":570,"attrs":638,"content":639},{"textAlign":49},[640],{"text":641,"type":575},"One hurdle is that most of the nickel processing facilities in Indonesia are owned by Chinese companies. ",{"type":570,"attrs":643,"content":644},{"textAlign":49},[645,647,653],{"text":646,"type":575},"Chinese ownership could make the nickel ineligible under another clause of the IRA, which prohibits any critical minerals extracted, processed, or recycled by a “",{"text":648,"type":575,"marks":649},"foreign entity of concern",[650],{"type":595,"attrs":651},{"href":652,"uuid":49,"anchor":49,"target":49,"linktype":598},"https://source.benchmarkminerals.com/article/automakers-us-government-guidance-on-chinese-involvement-in-battery-supply-chain",{"text":654,"type":575},"” starting in 2025. ",{"type":570,"attrs":656,"content":657},{"textAlign":49},[658,660,666],{"text":659,"type":575},"Chinese investment has been critical in expanding Indonesia’s nickel industry, and Chinese companies have significantly lowered the cost of processing the country’s nickel ore into battery materials. Over ",{"text":661,"type":575,"marks":662},"half of the country’s refined nickel output in 2032",[663],{"type":595,"attrs":664},{"href":665,"uuid":49,"anchor":49,"target":49,"linktype":598},"https://www.benchmarkminerals.com/forecasts/nickel/reports/",{"text":667,"type":575}," is due to come to majority Chinese-owned companies, according to Benchmark data. ",{"type":570,"attrs":669,"content":670},{"textAlign":49},[671],{"text":672,"type":575},"The US is also likely to demand other conditions like labour and environmental protections related to the minerals sector, which could further water down any final agreement. A senior US administration official said the deal would need to be in “accordance with the highest of labour and environmental standards.” ",{"type":570,"attrs":674,"content":675},{"textAlign":49},[676],{"text":677,"type":575},"During the meeting at the White House, the two leaders talked of “the importance of strong worker and environmental protections to prevent exploitation and promote sustainability in the international mining sector.”",{"type":570,"attrs":679,"content":680},{"textAlign":49},[681],{"text":682,"type":575},"The critical minerals action plan “seeks to increase high standard investment in the critical minerals sectors in both countries,” they said, according to the White House.  ",{"type":626,"attrs":684,"content":685},{"level":628,"textAlign":49},[686],{"text":687,"type":575},"A controversial trade deal",{"type":570,"attrs":689,"content":690},{"textAlign":49},[691],{"text":692,"type":575},"Any deal with Indonesia could also face opposition from NGOs, unions, and political representatives, who are wary of giving freer market access to Indonesian nickel. It would also have to be approved by Congress.",{"type":570,"attrs":694,"content":695},{"textAlign":49},[696,698,704],{"text":697,"type":575},"In October, a bipartisan group of senators ",{"text":699,"type":575,"marks":700},"expressed concerns",[701],{"type":595,"attrs":702},{"href":703,"uuid":49,"anchor":49,"target":49,"linktype":598},"https://www.benchmarkminerals.com/price-assessments/nickel/us-senators-express-concern-over-indonesia-critical-minerals-deal/",{"text":705,"type":575}," about a prospective deal with Indonesia in an open letter that cited the country’s low labour, environmental, and human rights standards and argued IRA credits “must prioritise domestic producers and existing free trade agreement partners.”",{"type":570,"attrs":707,"content":708},{"textAlign":49},[709],{"text":710,"type":575},"A group of US environmental groups, including Greenpeace and the Sierra Club, also opposed any trade deal in a letter to Biden this month. ",{"type":570,"attrs":712,"content":713},{"textAlign":49},[714],{"text":715,"type":575},"“The U.S. cannot allow benefits of the Inflation Reduction Act tax incentives to extend to minerals from countries with unsafe and environmentally degrading mining practices,” it said. ","Indonesian president Joko Widodo and US president Joe Biden agreed to develop a “critical minerals action plan” in talks at the White House on Monday, which could pave the way for more Indonesian nickel to enter the US electric vehicle market. The two leaders agreed to support work towards a “low-greenhouse gas emissions mineral support […]",[718],{"slug":558,"name":559,"content":719},{"job_title":561,"image":720,"bio":564,"linkedin":565},{"filename":563},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"be654494-2288-4462-b63b-2e21940c2bde\", \"id\": \"\"}-->","article",[724,727,730],{"slug":725,"name":726},"critical-minerals","Critical Minerals",{"slug":728,"name":729},"geopolitics","Geopolitics",{"slug":731,"name":150},"nickel","private",{"id":49,"alt":734,"name":622,"focus":622,"title":734,"source":622,"filename":735,"copyright":622,"fieldtype":736,"meta_data":737,"is_external_url":51},"Biden and Widodo stand facing each other in front of G20 Indonesia 2022 logo","https://a.storyblok.com/f/287943243085208/60bcacd2e8/bm-screenshot-2023-11-14-144813.png","asset",{"alt":734,"title":734,"source":622,"copyright":622},"Nov 14, 2023","14th November 2023",[],[],1781280273082]