Rio said it had struck a deal with Guinea and the Winning Consortium Simandou to develop the 600 kilometers of rail lines needed to transport the iron ore.
Under the revised investment rules, automakers will need to commit to producing at least 40% of the content of EVs in Indonesia by 2026 to qualify for incentives.
The Chinese Foreign Affairs Ministry said it was dissatisfied with the order and strongly opposed the U.S.’s new investment strategy in an August 10 statement.
A monitoring committee composed of the kingdom and other key OPEC+ nations recommended no changes to the coalition’s supply policy during an August 4 online meeting.