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In under a decade, Nickel Industries Ltd. has gone from a relatively small miner to the world’s sixth-biggest producer of a metal used in products from batteries to stainless steel. Riding a Chinese-led boom in Indonesia’s nickel sector, it owns or has stakes in five plants in the country that churn out more of the commodity than household names like BHP Group Ltd.
Beyond the geopolitical tensions between Beijing and Washington, many firms still see Indonesia, which accounts for more than half of global nickel output, as a risky place to invest. That’s due in part to a history of foreign investors losing control of assets or being hit by export bans for raw commodities — a feature of departing President Joko Widodo’s administration.
But without Tsingshan, Nickel Industries would not exist in its current form. The Sydney-based firm began its life in Indonesia mining what was then a remote nickel deposit on Sulawesi, east of Borneo, but was forced to stop operations when the government banned the export of raw ore in 2014 to bolster its domestic smelting industry.
Nickel Industries used those funds and others to buy a 25% interest in two nickel smelting lines that Tsingshan was building in Indonesia Morowali Industrial Park, known as IMIP, on the island of Sulawesi. The purpose-built site, the brainchild of Xiang, would eventually come to symbolize Indonesia’s nickel boom — the good and the bad.
And while the Chinese tie-up has been a blessing for Nickel Industries so far, there’s clear downside risk. Since its founding, IMIP has been the site of a number of industrial accidents.
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