I know that "western-facing capital market access" is the...

I know that "western-facing capital market access" is the company line on why NIC exists (as opposed to Tsingshan just building their own RKEF lines and holding a 100% interest), but it's hard to accept that on reflection. Tsingshan is a private Chinese company which doesn't want western capital market scrutiny. The amount of capital NIC has brought into play is a rounding error compared to Tsingshan's annual earnings - they aren't accessing much capital through NIC - and they don't need to anyway, given that they can call up any bank in China and get near limitless loans on account of their closeness to the Chinese leadership. The Hengjaya mine is in a great spot, granted, but there are hundreds of nickel mining operations in Indonesia who all sell their ore at the same price - Tsingshan doesn't need Hengjaya, not by a long shot. So why give up the billions of dollars in profit that NIC will make from its refining operations over the next decade?

I'd hazard that the real reason that Tsingshan allowed NIC to partner with them as an RKEF operator is to bring Western listed businesses into the IMIP/IWIP as a political hedge. There is a very strong populist sentiment in Indonesia that despises Chinese investment - not foreign investment generally but Chinese investment specifically - and the Chinese in Indonesia more broadly have always been easy targets for rent extraction. By adding a Western business into the mix (and especially an Australian business), it increases the headache for any populist leader who wants to squeeze the conditions that allow the industrial parks to be so profitable.

If that is the case, it's a brilliant strategic move from Tsingshan and shows how long term they are thinking.