Nickel investors on edge as Indonesia tightens the screws on smelters
New rules require applicants for refinery permits to stop producing intermediate nickel products
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[JAKARTA] Nickel-rich Indonesia’s industrial ambitions have run into rough currents again, as the government tightens the rules on new smelter developments.
The new regulation threatens to upend multibillion-dollar investments tied to the world’s largest nickel reserves and South-east Asia’s biggest economy.
The stricter rules, aimed at pushing the sector deeper into downstream manufacturing, introduce a fresh layer of uncertainty for companies already navigating a weak price cycle, supply glut and policy environment that analysts say is testing investor patience.
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