China built Indonesia’s nickel boom. Will it stay for the bust?

The PT Gunbuster Nickel Industry in North Morowali, Indonesia, is a symbol of the nation's ambitions in its nickel industry, backed by a hefty US$2.7 billion investment from China. Launched in 2021 and championed by President Joko Widodo, it was envisioned to shift Indonesia from raw ore exports to value-added production. Now, as global market dynamics shift, questions are emerging about the sustainability of this reliance on Chinese investment and whether the industry can weather potential downturns. This situation underscores broader concerns about Indonesia's economic dependence on foreign capital and fluctuating commodity prices.