This billionaire used Indonesia’s nickel to squeeze out Australia

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Xiang Guangda, founder and chairman of Tsingshan Holding Group. “There’s also some illegal mining still going on. So while the low price will prompt some high-cost producers to shut down, as we are seeing in Australia, supply from Indonesia will continue to increase, and it could go as high as 70 per cent,” Mr Krisna said. The CIPS estimates close to $US14 billion has been invested in nickel smelter capacity since the government of President Joko Widodo banned exports of unprocessed nickel four years ago. The president, commonly known as Jokowi, claims the ban has boosted exports by fostering the...