China's Party-Business Networks Control Indonesian Mineral Supply Chains Through State-Aligned Firms (warontherocks.com)

• Three Chinese firms dominate strategic mineral processing in Indonesia
• State-owned China First Heavy acquires Delong's nickel refinery post-bankruptcy
• Indonesian incentives: tax holidays, cheap ore pricing, subsidized coal cut costs 50%
• U.S. analysis proposes special-purpose vehicle modeled on Metals Reserve Company

"China uses deeply embedded party-business networks to gain control over Indonesia's mineral resources without formal ownership. Three case studies (China Hongqiao, Tsingshan, Jiangsu Delong) show how state subsidies, cheap credit, and political connections give Chinese firms access to nickel, bauxite, and aluminum. The article proposes a U.S. special-purpose vehicle modeled on WWII's Metals Reserve Company to close the gap."