Wyloo, Chalice, BHP sound alarm over Biden’s Jakarta nickel deal

News Snapshot:

Under the IRA, car manufacturers are offered incentives to produce electric vehicles but must use materials produced in the US or in countries that have special agreements. Indonesia has the largest reserves of nickel, but the industry is highly dependent on financing from Chinese companies. The Australian mining companies are being supported by several US senators, including Joe Manchin, who helped pass the IRA. Weak labour laws The senators have written to senior Biden administration officials including Treasury Secretary Janet Yellen warning that Chinese interests controlled much of Indonesia’s nickel production and highlighting Jakarta’s weak labour laws and lax environmental...