308: Chapter 308 Indonesia Signs Agreement: Nickel Ore for Technology

In the early morning in Jakarta, the air was filled with the humid atmosphere characteristic of a tropical city.

The Presidential Palace, located in the city center, was a white building that blended Dutch colonial style with traditional Indonesian architectural features. At this moment, Joko Widodo stood by the office window, watching the National Monument outside—that towering obelisk that symbolized the dignity of Indonesia's independence.

Behind him, eleven people sat around the conference table.

The Coordinating Minister for Maritime Affairs, the Minister of Investment, the Minister of Energy, the Minister of Industry, the Minister of State-Owned Enterprises, the Secretary of the Treasury, the Minister of Foreign Affairs... the core team of Indonesia's economic decision-makers was all present.

The Minister of Investment, Bahlil, spoke first, his voice exceptionally clear in the quiet room: "Mr. President, Xingchen's offer is out. They want the mining rights to three nickel mining areas in Sulawesi in exchange for battery technology and chip production lines."

The Minister of Energy frowned. He was an old-school technocrat with an instinctive possessiveness over resources: "Nickel mines are our lifeblood. Are we just going to hand over 42% of the global reserves?"

The Minister of Industry shook his head in rebuttal: "If we don't hand them over, are we going to continue selling raw ore? A ton of nickel ore sells for fifty dollars, but processed into battery-grade nickel sulfate, it's worth five thousand dollars. Can't you do the math?"

The Minister of Energy opened his mouth, only to find he had nothing to say.

Joko Widodo turned around.

He wore a white shirt with the sleeves rolled up to his elbows; he didn't look like the president of a country, but more like a farmer ready to work in the fields. But his gaze let people know the weight of this man.

"Bahlil, how much mining rights does Xingchen want?"

"Three mining areas in southeastern Sulawesi, with reserves of about 200 million tons, accounting for 15% of Indonesia's proven reserves."

"How long do they want?"

"Fifty years."

A low intake of breath echoed in the conference room.

The Secretary of the Treasury spoke carefully: "Mr. President, isn't this too much? Fifty years of mining rights is equivalent to handing over one-fifth of our nickel mines to a foreign company."

Joko Widodo shook his head.

"It's not too much." His voice was calm, but every word was like a nail driven into wood. "What Xingchen is giving us is a fifty-year industrial chain. Once the nickel mines are dug out, they're gone, but battery factories, chip factories, technical workers, and R&D centers will remain in Indonesia forever."

He paused.

"Tell Xingchen that the mining rights can be granted. But add one condition—all processed nickel must prioritize supply to Indonesian battery factories. We don't want to be a raw material exporter; we want to be a manufacturing powerhouse."

Bahlil nodded and quickly recorded it in his notebook.

Joko Widodo walked to the conference table, placed his hands on it, and looked at everyone.

"Indonesia is the largest country in ASEAN. A population of 270 million, 17,000 islands, and the world's largest nickel reserves. We used to think this was enough."

He straightened up.

"Later we realized that having resources alone isn't enough. Australia has mines too, but they are rich and we are poor. Why? Because they have technology."

"Today, Xingchen is willing to exchange technology for our resources. This is the opportunity Indonesia has been waiting for for seventy years."

He scanned the room.

"Does anyone else have any objections?"

No one spoke.

Joko Widodo nodded.

"Then let's go."

At 9:30 in the morning, outside the Presidential Palace.

Eleven black sedans drove out one after another, heading to the airport.

In the motorcade sat eleven ministers and the CEOs of thirty of Indonesia's largest companies—the president of mining giant Amman, the founder of battery material manufacturer Harita, the chairman of the automotive group Astra...

This was the largest economic and trade delegation in Indonesian history.

Joko Widodo sat in the last car, closing his eyes to rest.

The assistant asked softly: "Mr. President, are you really going? You could send a minister."

Joko Widodo did not open his eyes.

"Nguyen Xuan Phuc of Vietnam went personally. Indonesia cannot lose to Vietnam."

At 2:00 PM, Baoan Airport.

When the private plane landed, the sun was blazing. The heat waves on the runway distorted the scenery in the distance.

The airstairs were lowered, and Joko Widodo appeared at the cabin door.

On the tarmac, there was no red carpet, no honor guard. This was a commercial visit, not a state visit.

But the person welcoming him made Joko Widodo's eyes light up.

A young woman in a dark suit with short, capable hair—Lin Wan, President of Xingchen International.

Lin Wan stepped forward quickly to shake hands: "President Joko Widodo, welcome. Mr. Su is waiting for you at the headquarters."

Joko Widodo smiled: "Does he know what kind of tea I like?"

Lin Wan also smiled: "Sumatra Golden Bud. Specially prepared."

Joko Widodo laughed and patted Lin Wan on the shoulder: "Your Mr. Su is a man who knows how to make friends."

The elevator stopped on the 68th floor. The door opened to a short corridor, with a wooden door at the end.

Lin Wan pushed the door open: "Mr. Su, President Joko Widodo has arrived."

Su Chen rose to greet him.

He was wearing a dark gray shirt and black trousers, with his sleeves rolled up to his forearms. He didn't look like the CEO of a trillion-dollar empire, but more like a newly graduated product manager.

But Joko Widodo knew that this young man was changing the rules of the world.

"President Joko Widodo, thank you for the long journey." Su Chen reached out.

Joko Widodo shook his hand with a firm grip: "Mr. Su, is your tea ready?"

Su Chen smiled and led him to sit on the sofa. The tea set was already laid out on the coffee table, and golden tea was steaming in the transparent glass pot.

"Sumatra Golden Bud." Su Chen poured the tea himself, "Knowing you were coming, I specifically asked someone to bring it back from Medan."

Joko Widodo picked up the teacup, smelled it, and took a sip.

The familiar taste spread in his mouth.

"Good tea." He put down the teacup and looked at Su Chen, "Mr. Su, you are so thoughtful that my negotiating bottom line is about to loosen."

Su Chen also put down his teacup: "Mr. President, Xingchen's negotiation with Indonesia is not about who wins or loses, but about winning together."

The two sat opposite each other drinking tea, chatting for twenty minutes. Tea, volcanoes, tourists in Bali, the construction progress of the Jakarta-Bandung High-Speed Railway. They didn't talk about any business.

Then, Joko Widodo put down his teacup.

"Mr. Su, let's talk business."

Both parties moved to the conference room.

On one side of the long table sat the Indonesian delegation: eleven ministers, thirty entrepreneurs.

On the other side was the Xingchen team: Lin Wan, Gu Yanting, Li Wanqing, as well as the heads of legal, technology, and finance.

Su Chen and Joko Widodo sat at the ends of the long table, like two chess players preparing to make their moves.

The Minister of Investment, Bahlil, spoke first. He was fifty-five, burly, and Joko Widodo's most trusted economic advisor.

"Mr. Su, the President has authorized this. Xingchen can have fifty-year mining rights for the three mining areas in Sulawesi. But add one condition—all nickel ore must be processed within Indonesia first."

Su Chen looked at Lin Wan.

Lin Wan nodded: "That's acceptable. We had planned that anyway. We will build refineries next to the mining areas to process them into battery-grade nickel sulfate on-site."

Bahlil followed up: "What is the investment ratio for the refineries?"

"Xingchen 60%, Indonesian state-owned enterprises 40%. Technology provided by Xingchen, management led by Xingchen. Profits distributed according to shareholding ratio."

Bahlil looked at Joko Widodo.

Joko Widodo nodded slightly.

"Deal."

Then the second round of negotiations began.

Zhang Zhen, President of Spark Power, walked into the conference room.

He was fifty, his hair was already gray, but he held himself straight. He was an early executive of Spark Power and a veteran in the Chinese battery industry.

"Mr. President, we plan to build a power battery super factory with an annual capacity of 100 GWh in the Batang Industrial Park on Java Island."

The big screen displayed the data:

Investment: 5 billion USD.

Capacity: 100 GWh per year—enough to equip 2 million electric vehicles.

Supply: 50% for Indonesia, 50% exported to ASEAN and the world.

Employment: 12,000 direct jobs, 50,000 indirect jobs.

Technology: Xingchen's most advanced "Bedrock 3" lithium iron phosphate plus "Divine Travel 3" ternary lithium battery.

Joko Widodo's eyes lit up.

The Minister of Industry, Agus, asked: "What about technology transfer?"

Gu Yanting was prepared: "Technology licensing is fine. Core formulas will not be transferred. But we can help Indonesia build an R&D center and train 3,000 local engineers within five years."

Joko Widodo nodded: "Acceptable."

The negotiations quickly reached a cooperation agreement in a spirit of mutual willingness.