Indonesia is trying to reduce Chinese investment in new nickel mining and processing projects to help its industry qualify for tax breaks in the US, as the Biden administration seeks to curb Beijing’s influence in the electric vehicle supply chain.
Generous tax breaks are available from 2025 under President Joe Biden’s Inflation Reduction Act, but they will not apply to EVs containing batteries and critical minerals such as nickel sourced from “foreign entities of concern”, including some companies with more than 25 per cent Chinese ownership.
That would hurt Indonesia’s industry, which has become the world’s biggest supplier of nickel on the back of a huge influx of Chinese capital over the past four years into mining and smelting projects.
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