(Bloomberg) — An Indonesian proposal to create an OPEC-like group of nickel suppliers has raised eyebrows among Australian miners.
Indonesian Investment Minister Bahlil Lahadalia floated the idea of an alliance that he said would help to unite government policies on the in-demand battery metal — and push the development of the downstream industry — at the Group of 20 Summit in Bali this week. The plan has been discussed with both Canada and Australia.
The Minerals Council of Australia, the country’s major mining association, wouldn’t support the formation of supply-constricting cartels, according to Chief Executive Officer Tania Constable.
It’s “very useful that countries work together to solve the problems that we have around the supply of critical minerals,” she said. However, “we’ll always be mindful we are meeting all our international trade obligations, and you don’t see cartels forming,” Constable said.
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