![](https://beehaw.org/pictrs/image/066b0bbd-7aab-4a69-b63d-0bc48043d4ab.webp)
![](https://beehaw.org/pictrs/image/1801fd1d-aa94-416b-ab31-be0103b4ccfa.png)
a Chinese state-controlled company has agreed to loan $245 million to mine developer PT Dairi Prima Mineral
“China-backed” is a bit of an overstatement… and understatement at the same time.
China is giving the loan to reap some interests… but it wouldn’t be the first time when they give out a loan, the local company is unable to complete a project staying inside the budget, then China refuses to increase the loan, but still requires repayment of the initial one, with interests, while the locals suffer from both a half-done project, and having to pay interests through taxes when the local company goes under… while it gets bought for pennies by the Chinese company.
Heh. Well, I got curious and double checked it anyway 😉